The President formed a bi-partisan “National Commission on Fiscal Responsibility and Reform” to deal with the criticism that Washington is fiscally responsible. Except for the phrase “pro-growth tax increases,” we really haven’t heard much from them; though I get the feeling they’re aboot to release a report because two GOPers on the panel – Rep. Jeb Hensarling (R-TX) and JBdotC fav Rep. Paul Ryan (R-WI) have taken to the Washington Examiner.
The two congressman are writing a series of editorials laying out what they’re ideas are to try and undo the growing debt this country is faced with. This should come as a shock to most people since the Republican Party doesn’t have any ideas, or at least that’s what I read in the NY Times.
(And yes, President Bush was terrible on the debt too)
Those ideas will be in Parts Two and Three, For Part One, they set the stage…
Here at home, there has been a concerted effort by the Obama administration and Democrats in Congress to paint our current spending policies as a temporary aberration created by the economic crisis of 2008. Nothing could be further from the truth. This level of spending is a policy choice made in full knowledge of its damaging effects on the economy and the American way of life.
President Obama made the choice to submit a budget that proposes increasing federal spending to a level approximately 56 percent over the 2010 level at the end of the decade. To accomplish this, the president proposes growing federal spending from its 2010 estimated level of $3.618 trillion — or $30,875 per household — to $5.670 trillion in 2020, which is $48,387 per household.
This means the budget deficit will average nearly $1 trillion a year for the next 10 years and, by decade’s end, each household’s share of publicly held debt will equal $173,185. This tidal wave of debt set to hit in the years ahead — set to eclipse 300 percent of GDP by 2050 — will crush the next generation in red ink and likely crash our economy before then.