When are we going to accept the fact that we cannot keep spending money we don’t have? In the “Viewpoint” section of Sunday’s paper, Rick Larsen wrote a very disturbing article about how we should continue to borrow more money to repair roads, bridges, highways, and ferries (“What’s at risk if we go over the cliff?”). He also said we need to borrow more to subsidize student loans (now at a trillion dollars with an 11.5 percent default rate), and finally he adds that we need to prop up Social Security by taxing everyone earning over $110,000 (but not give corresponding income at retirement).
He then states that Medicare will be broke in 11 more years, and we need to fix it, which we all agree as well. He concludes by stating that in 10 years from now, we will be a stronger country if we enact all of the things he would like to have.
Last year Congress approved a massive $2.4 trillion dollar increase on the debt limit in exchange for cutting $1.2 trillion in spending. The bi-partisan commission of 24 could not come to a conclusion as to how that would be done but all agreed to enact a 10 percent across the board spending cuts beginning January, 2013. Well now we can see that that is not going to happen as agreed to, but all the blame will be placed on the members of the House for preventing the enactment of the agreement.
In addition, the current administration has proposed a “fantasy” list of items that they would like to have instead of what was agreed to: (1)They want power to raise the national debt ceiling to an unlimited amount without Congressional approval, (2) spend $50 billion more of borrowed stimulus money, (3) and, finally, 1.6 trillion in new taxes on the rich.
None of the proposals are real or beneficial to the country. Let’s take our lumps and reduce the fraud and fat, and then cut our steak to hamburger!