Tag: United States public debt

Remember When Deficits Mattered to Liberals?

And, by Liberals I of course include the media. When George W. Bush was president, deficits mattered, and to be fair there was too much spending under W, but since Obama assumed his throne, I mean was elected President, Liberals have a fever. A fever which only can be cured by more spending apparently. Deficits? Find a Liberal that takes them seriously, no matter how massive those deficits are

Via CNS News:

The Congressional Budget Office last week released updated historical budget data for the federal government, reporting a deficit of $1.087 trillion in fiscal 2012.

2012 marked the fourth straight year—and the only four years in the history of the nation–when the federal government’s deficit topped $1 trillion.

Last year’s $1.087 trillion deficit was even greater in inflation-adjusted dollars than the peak World War II deficit of fiscal 1943—which was $54.554 billion in 1943 dollars and $723.8714 billion in 2012 dollars, according to the Bureau of Labor Statistics online inflation calculator.



The Fiscal Cliff? Or the Left’s Agenda

George Will takes a baseball bat to Obama’s “balanced” approach to debt reduction

Even Jonathan Swift, who said promises and pie crusts are made to be broken, might have marveled at the limited shelf life of Barack Obama’s promise of a “balanced” deficit-reduction plan — substantial spending cuts to accompany revenue increases.

Obama made short shrift of that promise when he demanded $1.6 trillion in immediate tax increases and mostly unspecified domestic cuts.

He also promised to cut $800 billion from 10 years of war spending that will end in two years, which is like “cutting” $800 billion by deciding not to build a ski resort on Mars.

Year after year, the Democratic-controlled Senate, ignoring the law, refuses to pass budgets.

Year after year, Washington makes big government cheap by charging Americans only $6 for every $10 of government services, borrowing the difference. And the biggest purchaser of U.S. government debt is not China but … the U.S. government, largely through the Federal Reserve.

Yet what supposedly is horrifying is a sequester that would cut less than 3% of federal spending over the next decade? Or horrible Grover Norquist

Go read it all. The fact is this, it is the gross and irresponsible spending orgy that has gotten us into such debt, and raising taxes will do nothing to fix the problem. Only DECREASING the spending will do that! If Congress or the president were serious about cutting the deficit, they would end the Departments of Labor, Education, and Energy, they would reign in the EPA, and they would simplify the tax code by doing away with most deductions and reducing and flattening the tax rates. And yes, they would end the insanity of the progressive tax code. Of course, the fewer deductions, the less cheating on taxes, and that would help increase revenues WITHOUT punishing honest taxpayers. And, the less cheating would also make it possible to spend less on the IRS. And yes, they would repeal ObamCare IMMEDIATELY! They would also end many of the useless regulations that restrict businesses, leading to economic growth, more jobs, and more taxpayers. I am sorry but this is not as complicated as the politicians tell us. I am not saying the solutions are all easy, but using a bit of common sense, we could really make a dent in the deficit, and we could get around to reforming entitlements, which are the biggest problem of all.