The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.
Barak Obama, April 2008
Today, The US is $15.5 trillion in debt. That is $49,725 for every man, woman and child. Is that responsible? Is that patriotic? Bush took 8 years to accomplish his irresponsible and unpatriotic spending. Obama has already outdone him and it took less than 4 years. And spending on Obamacare hasn’t even begun. The path to insolvency is as clear as day and yet we are not taking action. No tax rate can pay for the promises that government has made. Government WILL renege on its promises because it is bankrupt. The debt is less than half the story.
The government has also promised to pay $15 trillion to retirees through Social Security, $20 trillion for prescription drugs, and $81 trillion for Medicare. A business is required to put these liabilities on its balance sheets but the government doesn’t; that would be a crime under the accounting rules that government has imposed on others. These bills cannot be paid and the longer we wait to reform the system the worse the disaster will be. But every president and congress decides to kick the can down the road. Let the next fellow deal with it.
Paul Ryan has a plan and has been repeatedly savaged for it. He wants to throw granny off a cliff according to a commercial. At least he has the courage to propose a fix. I also like Ron Paul’s plan of cutting a trillion dollars in his first budget. Everyone knows this must be done. MUST. There is no avoiding this. Either cut or go bankrupt. There is no other way.
No comments:
Post a Comment