U.S. Representative Michael Burgess (R, Lewisville) introduced a bill yesterday (H.R. 852) to allow the sale of War Bonds to finance military operations in Iraq, Afghanistan, and other places.
Burgess was quoted in Air Force Times about the bill:
War bonds, which pay interest, would be a way to show support for troops while also paying for conflicts without having to raise taxes or add to the national debt, said Rep. Michael Burgess, R-Texas, who introduced the United States War Bonds Act of 2011 on Tuesday.
So, let me take a moment to explain to Michael Burgess what a bond means. A bond is a debt instrument. When you sell a bond, you are borrowing money that you have to pay back with tax dollars. Therefore, selling war bonds or treasury bonds or any other bond DOES add to the national debt, and it does require repayment from taxes. If you need additional tutorial about how your government borrows money, I recommend this short article from the Association of Young Americans.
If you want to earmark some bonds specifically for war, as a marketing tool for Fox News viewers who would rather buy gold at hyper-inflated prices than invest in treasury bonds, bills and notes, then by all means, lets sell the same debt instrument with a different name stamped on it.
But lets be honest with the citizens about what it is. War is expensive, and the price must be paid back by the citizens. The best fiscally responsible policy is to avoid rushing into foolish wars of choice like Iraq. And the best way to keep our children from paying for these wars decades from now is to collect the appropriate amount of tax from those citizens who can most afford it. But hey, that takes courage and sacrifice today. That's too risky for today's something-for-nothing Republican politicians. They'd rather tell you what they think you want to hear than what you need to hear.
- Michael Burgess