It’s not the debt ceiling, that’s only the symptom of the problem- spending.
Archive for July, 2011
“Compromise without solutions is a waste of time.”
Can we all agree, that we don’t have a credit problem (aka the debt ceiling) we have a spending problem. To meet all financial obligations the federal government is borrowing $4 billion a day. Yes read that again.. we are borrowing $4 billion a day.
So lets get proactive and start looking at areas we can cut from the budget because they either are duplicate with established state departments/programs or they are luxuries that given the current economic abyss we are falling into we cannot afford.
My first nominee for government abolishment is The National Endowment for the Arts (NEA). The NEA is an independent agency of the federal government, established by an act of Congress in 1965 to provide support and funding for projects exhibiting artistic excellence. For fiscal year 2010 the NEA was allotted $167.5 million in funding.
When talking about trillions in deficit, the funding for the NEA may seem like nothing. But as any saver knows every coupon no matter its size adds up in the final tally.
So there is the first $167.5 million we as tax payers and Americans can save.
Dr. Susan Berry hits this out-of-the-park reading between the lines of what the pResident said last night to the American people:
Below are excerpts from President Obama’s latest address to the nation concerning the debt and deficit talks, followed by “subtitles,” which perhaps provide a more accurate perspective of the points he made:
“For the last decade, we have spent more money than we take in.”
- I won’t mention, of course, that I have added more to the national debt in just my first 19 months in office than all presidents from Washington through Reagan combined.
“In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.”
-Well, no, the nearly trillion dollars in the Stimulus, bailing out the banks, and the auto companies- this was important money spent that could have otherwise been used to pay down the debt if I really wanted to. So, that money doesn’t count…And those Bush tax cuts have been a thorn in my side…I really began to lose my base on that agreement to extend them…And about those wars, I’m referring to the ones in Iraq and Afghanistan that Bush started…not the ones in Libya and Yemen I’ve gotten us involved in… Oops, I probably shouldn’t have dissed that senior prescription drug program because later on in my speech I try to use the seniors as pawns again to get them frightened about how Republicans want to cut their Medicare.
“To make matters worse, the recession meant that there was less money coming in, and it required us to spend even more.”
- That’s this neat Keynesian economics I learned in college. I thought I’d try it out on the country when I became president. We have less money, so we spend more. It really works!
“Now, every family knows that a little credit card debt is manageable. But if we stay on the current path, our growing debt could cost us jobs and do serious damage to the economy.”
Read the remainder of this insight commentary here.