Why is the national debt out of control?

Today, the role of Uncle Sam’s banker is increasingly being played by foreign governments, who buy our debt, in part, to offset their trade imbalances. Whenever you go shopping at Wal-Mart, all of the dollars that get sent to a Chinese clothing factory have to go somewhere. A lot of them come home when the Treasury borrows them back.

While Congress and the White House have been busy sulking about increased dependence on foreign oil, they’ve also been busy increasing our dependence on foreign capital.  In December 1984, about 13.5 percent of U.S. Treasuries on the open market were held by foreign governments and investors. As of June 2005, foreigners held more than half our debt — or 51.7 percent. Every time the Treasury offers up more debt, it’s counting on those foreign buyers to keep coming back for more.

Even if they do, and even if, by magic, Congress could get its act together tomorrow and balance the federal budget, the problem will continue to grow. With 78 million baby boomers ready to start collecting Social Security and Medicare in less than a decade, Uncle Sam's minimum monthly payment is going to get a lot bigger.

OK, so we have a big problem. But what, you maybe asking, can I do about it? The answer: You can vote for candidates in November who agree that we have a big problem and can demonstrate that they're serious about fixing it. Soon.

It’s hard enough to pin down politicians who are already in office, so it’s going to be even harder to get a straight answer to tough questions from candidates up for election. And this campaign is shaping up as one of the least issue-oriented in a generation.

That means you’re going to have to do some work on your own. For information about the candidates in your state and district, with links to their Web sites, check out the online guide put together by Taxpayers for Common Sense.

Then look at your candidates' Web sites to see if they address the issues of federal spending and the national debt. If they don’t have a clear position, with details of how they think the problem should be fixed, move on to the next one.

And if none of the candidates in your area address this issue, vote for the one that best represents your other interests. Then write to the winner in January — letting them know how you feel.

You can blame the debt mess on Congress and the White Hose all you want. But we elected these people.

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