“The buck stops anywhere but here.” That’s the essence of the Deficit Reduction Commission bill under consideration by the Senate. The Obama administration (who has quadrupled the budget deficit in only one year) wholeheartedly supports the measure. The President and his Democrat allies are seeking to pass the buck and evade responsibility for their (reckless pork-laden) spending and borrowing (intergenerational theft incredibly outdoing even George W. Bush). The GOP should say no to this mockery of accountability and force Obama to take ownership of his profligacy.
I found several more of Eric's comments and reposted them. One I don't see is where he identified this criminal…
Yes, the GOP could try and get Obama to double or triple taxes on the employed or profitable businesses to make up the revenue decreases – when pigs fly. Or they could press for getting out of Afghanistan or cutting back on unemployment payments, etc. – again, when pigs fly.
Saying NO isn’t a viable option. Other countries are doing better so consider a “run for the border”.
Tax revenues are way down, can you say Bush tax cuts for the well off and a failed ecomonic policy by Bush.
Solutions, if you cut out all spending that is not Social Security, medicare and defense you could possibly save 300 -500 Billion a year. That still leaves a really bug hole to fill.
What to do? Options zero out the defense budget,I mean cut all troops all weapons systems all intellagence to zero, that would get us very close, but I do not think that is very smart, we would shortly be taken over by someone else or just destroyed.
So that leaves cutting SS checks in half or ending medicare or find a way to increase tax revenue.
Investing in renewable energy development is the only real solution I see to restore some manufacturing jobs to increase the tax base, reduce the deficit both the trade and federal deficits.
Jobs of any kind will serve to decrease government spending and increase tax revenue, so that should be the focus of any of these efforts.
Please note we have got back most of the money lent to the banks and only about half of the stimulus moeny has been spent. So only about 400 billion has been added by Obama’s program.
If we have not spent either of these amounts I would have expected along with many others a 15- 20% unemployment rate, with no end in sight and about a 2-3 trillon dollar deficit. A true depression.
I agree building the recovery on debt is like a house of cards that could fold up at a later date, perhaps we should have allowed things to take there course and endured 20% or more unemployment for 10-20 years.
If we are not smart about where we invest for the future. We could face that and worse. Perhaps 20-50% inflation to go along with the unemployment.
Until we get the economy on track for a sound recovery we will just have to buck up and relax about deficit level. We should focus on making sure the money that is being spent in being invested in areas that create long term productive jobs. that is the only way along with some reforms in the heath care system to reduces costs that I see a way out.
Jim,
Government “investment” does not increase “net investment” because it must be paid for out of (taxes on) individual savings and business investment. Government investment merely reallocates investment.
We are already setup for stagflation (slow growth, high unemployment, high inflation) , and possibly, hyper inflation. Raising (net) taxes, including cutting taxes on “working families” (as Obama will likely propose in his State of the Union) and raising taxes on others (with a net tax increase) will slow recovery.
Larry,
Run for border? Let’s all flee to Mexico (a bit of a fixer-upper, but w/ potential)!
There was no investment going on when the banks were going under and not loaning money. If the goverment had not stepped in there would be zero investment going on right now.
Tax policy and spending must encourage new technology to free us from dependance on imported oil. These policies must also target creating jobs in these indursties and others to recreate a tax base to pay down the debt.
Right now I do not favor tax increases of any kind.
So how would you cut the current debt?
Cut the Militaty, cut medicare or cut social security. These are the top spending programs.
Or do you work to try to rebuild a tax base and make some reforms to reduce the costs of there three major programs. What would you realistically suggest?
I agree we have to have a plan to reduce the debt.
Clinton left office with a projected 5 trillon dollar surplus over 10 years, that would have paid offf the debt at that time. With in two years Bush wiped that out and kept going.