"We may be the richest nation, but it does not give us the right to be irresponsible," Grassley said. He said that there is a moral component when adding debt and passing these costs on to future generations.
America has always borrowed money with the belief that it will always be able to borrow more. This is when the debt was only a percentage of the country's gross domestic product. Today's debt is at 100 percent of GDP, and our credit rating has been downgraded. Grassley believes continued spending and borrowing will cause the nation to lose even more leverage.
The students who took part in Grassley's meeting discussed several topics, including the federal government's role in agriculture, health care, college tuition, the debt and more. Look for more on Grassley's meeting with the students in the Feb. 22 Journal-Express.