All European Union countries, except Britain and the Czech Republic, agreed Monday to sign a new treaty designed to stop overspending on the eurozone and put an end to the bloc’s crippling debt crisis, while also pledging to stimulate growth across the region.
The new treaty is a fiscal compact and includes strict debt brakes, making it more difficult for deficit sinners to escape sanctions, according to The Associated Press. The 17-country eurozone hopes that the tighter rules will convince investors that all countries will get their debts under control and restore confidence in their joint currency.
Can anyone imagine someone trying to force those kind of deficit reductions upon the United States? Yet someone in Europe believes current unsustainable debt and deficits should take priority over more and more government spending.
The American people are probably the only force in the United States that could make that happen. And that should be the central theme in the upcoming campaign between whoever wins the Republican nomination for president and President Obama.
Other than letting it go higher and higher, we cannot do anything about our debt without first coming to grips with our huge deficits. When will, or should, our deficits go to zero is a question we would like to hear asked of both President Obama and the final GOP candidate in upcoming debates before the general election.
Or if you like saying continuing deficits are good for America, then tell us why exactly. In making such a point, please also tell us the total debt we should expect to incur over the next 10 years under your plan.
Europeans, as individuals, aren’t keen on the idea of their governments cutting back on spending. But European leaders think that’s what must happen in both individual countries and the European Union as a whole.
We believe those leaders are on the right track to taking control over unsustainable debts.
We also believe the American voters should keep pressure on our own federal government by asking it to live within our means.
Opinion
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Discussion
Our View: Forcing deficit reductions
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