Guest blogger Tom Flake over at my place is taking us back to reality:
Here is the issue, we are still days away from reaching our national credit card limit. After that it will be a matter of weeks until we default on our obligations. The Congress and President need to cut spending and no plan that has been floated that is even in the right zip code. Notice each time they float an idea, they state how much it will save over ten years. It sounds so much more impressive that way, don’t you think? The most recent “plan” floated by the Senate is to cut $4 trillion over ten years. Sounds amazing, that’ll fix things right?
Perspective..we are currently $14.25 trillion (rounding) in debt. The deficit is about $1.6 trillion per year. So over ten years, (using simple math) the debt will be $1.6 trillion x 10 years = $16 trillion + $14.25 trillion = $30.25 trillion. But wait, that’s okay the Senate wants to cut $4 trillion over ten years! We’re saved! Wait, $30.25 trillion – $4 trillion= $26.25 trillion….It’s nothing but a shell game and both teams (Rs&Ds) are playing against you and me. Paul Ryan’s plan works this way $1 trillion (deficit per year) x 10 years = $10 trillion +$14.25 trillion = $24.25 trillion debt in 2021. Admittedly Ryan’s plan is better than the Senate plan, but that is akin to saying that I had to have my leg amputated below the knee rather than above the knee. It still sucks, only to a marginally less degree.
So breathe a sigh of relief that OBL is dead. Celebrate if you must. But don’t take your eye off the ball. The real criminals and those causing real pain are our elected officials who don’t take the Federal debt and deficit seriously.
We’ve put a bullet in the head of a problem that plagued us… we’re gonna need lots of bullets to kill this problem.
Let’s hope we find some folks willing to pull the trigger and who have plenty of ammo.