Lessons Not Yet Learned
by
Senator Brent Hill
Our nation faced a crisis of economics, energy and national leadership. Shares on the New York Stock Exchange lost $97 billion in value in six weeks. One of the nation’s oldest and largest banks collapsed due to fraud and mismanagement. Rising oil prices caused schools and offices to close down to save on heating oil while factories cut production and laid off workers. Americans were worried, frustrated and angry.
It was 1974 and America was in crisis. The Arab nations had imposed an oil embargo against the United States and Western Europe. Oil prices quadrupled to $12 per barrel pushing the average price of gasoline to over 55 cents per gallon. Even at the higher prices, gas was scarce and most states had to resort to rationing, resulting in long lines at the pump.
A Senate Committee was investigating accusations that White House officials had broken into Democratic Headquarters at the Watergate Hotel in Washington, DC. Seven former White House officials were indicted and President Richard Nixon, facing impeachment hearings, became the first President of the United States to resign from office. The government was in turmoil.
History was condemned to repeat itself in the decades to follow because we refused to learn the lessons that failure can teach us. We now face similar crises in our nation. Our ability to survive this disaster and chart a better course for the future depends upon whether we learn the following lessons:
- Energy Independence. 1974 was an election year and candidates across the country promised us a future of independence from foreign oil. Within a decade, nuclear energy was generating more electricity than oil, but, as opposition increased, the construction of nuclear power plants was completely halted in the United States. Once again, the stability of our economy and our national security depends on foreign tyrants that love our money and hate our country. We must re-embark on the journey to energy independence and not give up until we have achieved our goals.
- Fiscal Restraint. Our government has developed an overwhelming appetite for spending—an appetite we can no longer gratify. Our deficit spending has weakened our economy and threatened our financial stability in the world marketplace. We must demand fiscal restraint from our government.
- Personal Responsibility. As a whole, we citizens are as financially irresponsible as our government. Consumer debt has grown to $2.6 trillion. Credit cards alone account for $1 trillion. The average American now owes over $8,500 in consumer debt. It is time to confirm our souls in self-control.
- Seek Goodness. French historian, Alexis de Tocqueville, observed that, “America is great because she is good, and if America ever ceases to be good, she will cease to be great.” Few would disagree that self-indulgence, greed and disregard for others have greatly contributed to our current problems. To avoid a recurrence to national calamity, we must replace deceit with honesty, greed with gratitude, and selfishness with service.
We must not let these economic woes or the greed of tycoons or the coarseness of campaigns make us lose hope in this great nation. We can look forward to prosperous tomorrows if we will but learn from our mistakes today and demand more from our leaders and ourselves.
“Those who cannot remember the past are condemned to repeat it.”
--from Reason in Common Sense
by George Santayana