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America’s $9,000,000,000,000 debt

October 2, 2007 | By Nathaniel Ward

   
 

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Last week, Congress allowed itself to continue overspending by raising the maximum national debt. The new debt limit, $9,815,000,000,000, is $850,000,000,000 larger than it was before.

A Heritage chart puts this mind-boggling figure in perspective. Nine trillion dollars in one dollar bills would:

  • Fill the Empire State Building nine times;
  • Cover the entire state of Maine (35,387 square miles, including water); or
  • Stretch 218 times longer than the total length of every road and highway in the U.S.

To put it another way, this $9 trillion could buy:

  • A quarter of the nation’s 125 million homes at last year’s average sales price of $305,900;
  • One $3.85 latte for every American, every day for 21 years; or
  • Three new cars for every U.S. household at last year’s average sales price of $27,800.

Take our poll: Should Congress rein in the out-of-control growth of federal spending, especially on entitlement programs?

Heritage budget expert Nicola Moore writes in a new analysis that this debt is equivalent to $29,700 per American or $78,680 per household. Furthermore, this ever-growing debt is unsustainable.

She continues: “While today’s $9 trillion debt seems high, it is small compared to the debt that future generations stand to inherit. In order to spare them this crushing burden, Congress must act now to reform entitlement programs, which will become the main drivers of government spending and borrowing. If it does not, Congress will have to raise the debt limit many more times, and future generations will pay the price.”

How to best help kids get health insurance

President Bush is expected to veto the liberal bill to expand the State Children’s Health Insurance Program and increase dependence on government. It’s not enough, though, that a bad liberal program is stymied. Conservatives need an alternative plan to ensure low-income children have access to health insurance—and Heritage’s experts have just the ticket.

“Many supporters of an SCHIP expansion have cast the debate as being either ‘for’ or ‘against’ children's health insurance,” explain Heritage experts Stuart Butler and Nina Owcharenko.

This false dichotomy is both disingenuous and a threat to the shared objective of covering more children. In reality, the debate is over the most efficient way to achieve that goal. Congress should aim to expand health coverage in such a way that does not disrupt families’ current coverage and that helps those families who are in danger of losing private coverage.

“The best way to achieve this goal,” they write, “would be to combine a reauthorized SCHIP program with a tax credit for children in families just above the basic eligibility level for SCHIP.” This approach would expand access to private coverage for uninsured children, protect existing private coverage for working families and encourage initiatives to broaden coverage at the state level.

How Ed Feulner and Heritage changed Washington

The Washington Examiner profiles Heritage Foundation President Ed Feulner—and noted how Heritage has expanded its influence in Washington and elsewhere.

“Feulner is more determined than ever to spread Heritage’s influence as a powerhouse of conservative thought,” the newspaper reports. And he “prides himself on making Heritage ideas resonate with ordinary citizens — not just D.C. policy wonks.”

The newspaper also discussed Heritage’s impact on the policy debates in Washington and around the country:

On Capitol Hill, Heritage plays a leading role in working with lawmakers to draft proposals. Advice from the foundation’s analysts is valued for its accuracy and relied upon by many in Congress.

“Heritage has a lot of credibility up here,” said U.S. Rep. Frank Wolf, R-Va., who received advice from Heritage on a bill he recently introduced that would increase scrutiny of federal spending. “They have great scholars who will be straight with you. Whether someone is liberal or conservative, they should value Heritage’s viewpoints.”

Heritage, the article continues, has grown from a small operation in 1973 and now “stands in the first rank of Washington think tanks.”

Justice Thomas’ book ‘should be required reading’

On Monday, Supreme Court Justice Clarence Thomas released his new memoir, My Grandfather’s Son. Heritage Vice President Rebecca Hagelin writes that this important book “can enrich the soul and heart of anyone willing to take the journey with him.”

Order the book today on Amazon.com.

“Written for the common man, My Grandfather’s Son is anything but common,” she explains. “It should be required reading for every law student, every historian, every single person that truly seeks to be colorblind, impart justice or explore solutions to the inane policies and problems that threaten to strangle equal opportunity.”

Next month, The Heritage Foundation, the Federalist Society and the National Center for Policy Analysis are sponsoring a series of events with Justice Thomas where he will speak on his memoir. Reserve your spot today:

All the events will be broadcast live on MyHeritage.org.

When government controls education

Venezuela’s Hugo Chavez is taking the next steps toward consolidating his power, including moves to impose a national curriculum on the schools. Unfortunately, government control over education isn’t limited to would-be despots. In a new article, Heritage Education expert Dan Lips looks at the problems with government monopoly of education closer to home:

Consider the problems that government control of education can cause. It can force schools to choose sides in the culture wars. Reasonable people often disagree on how to handle controversial curriculum decisions, such as sex education, American history, or evolution. Choosing sides, which public schools often have to do, is divisive. Worse, many parents are helplessly left to send their child to a school that teaches values at odds with their own.

Another problem is the lack of quality instruction in many schools. Because most parents have little choice but to enroll their child in the government-assigned school, there are few consequences for schools that fail to educate their students. The result is that many children attend schools with a poor track record of successfully teaching basic subjects like reading and math.

Lips points out that strengthened and expanded school choice programs would give parents control not only over what their children learn but over the quality of education.

For federal or military employees

If you are a federal or military employee, you can contribute to Heritage through the 2007 Combined Federal Campaign. Mark CFC #10155 to support The Heritage Foundation’s work.

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To attend these or any other Heritage Foundation events, RSVP at Heritage’s events website. Or you can watch these events live online at Heritage.org. All times are Eastern.

Nathaniel Ward is the Editor of MyHeritage.org—a website for members and supporters of The Heritage Foundation. Colin Gowan contributed to this report.