By John W. Lillpop
According to the White House Deficit Commission, America has reached "the moment of truth" with respect to spending and deficits.
In the December, 2010 report issued by the Commission, proposals were made for tackling spending, including “sacred cow” entitlements and tax increases, the bane of conservatives.
The report generally pissed off everyone, made no one happy, and is, therefore, probably exactly what is needed in our fiscal “moment of truth.”
As reported, in part, at the reference, "the proposal would lower income tax rates but gut $1.1 trillion in cherished tax breaks—including deductions on mortgage interest—impose a gas tax, raise the retirement age for Social Security and cut Medicare and Medicaid costs. It would cut farm subsidies and spending on everything from the U.S. military to the government travel budget."
And just how has President Obama and Congress, including the new Republican majority in the U.S. House, responded?
Benign neglect seems an apt description.
Indeed, after all the flowery platitudes and thank you messages to Commission members for their momentous public service, the proposals have been universally ignored.
For example, the president did not even mention the Deficit Commission proposals in his State of the Union and his latest proposed budget is laughable when compared to the Commission report.
Democrats are on record as saying that with their proposed $6 billion in reduction, the “limit” has been reached.
Republicans are not much better as they precious waste time with proposals that ignore entitlements and tax reform, and therefore fall woefully short.
Clearly, our leaders refuse to take deficit reduction seriously, an absurd position which is simply unacceptable during the “Moment of Truth.”
Reference:
http://online.wsj.com/article/SB10001424052748704594804575648503541856136.html
