By John W. Lillpop
Although politicians from both sides of the political spectrum proudly declare that their particular “plan” will take a bite our of the whopping federal deficit, the brutal truth is quite the opposite.
Of the current plans being considered, neither the Boehner nor Reed plan will actually eat into the $14.3 trillion dollar yoke that is being fitted for our grandchildren, and Lord knows how many generations to follow.
Because this nation spends about $100 billion more each month than revenues received, the deficit automatically grows by about one-trillion each year. And that does not include interest on the debt or unexpected emergencies.
Thus, when John Boehner or Harry Reid boasts of saving a couple of trillion dollars over 10 years, the simple truth is that that would barely enable America to keep up with the escalating deficit!
If either of these plans is enacted, in year 2021 America will still have a $14.3 trillion dollar deficit, or more.
Furthermore, America has no savings for a rainy day, although violent storms are forecast for decades to come.
The solution: Congress must pass and the president must sign legislation which CUTS the debt-ceiling and requires immediate spending cuts so as to stop the accumulation of any more debt. Period!
Future budgets must be designed to cut ten percent of the federal deficit each year so that the debt is retired, in full, by 2021.
Call it a “Balanced Budget” by default if you will. America can no longer afford to have the nation’s financial future left in the hands of politicians who get elected by giving away other people’s money!
Tough medicine?
Of course, but unless the political class takes on this mess in a serious fashion, America will be pan handling on the Mexican border and in other third-world nations for funds to meet our basic needs!
