OVER 10 YEARS IS FRUAD and all of us know it.....
So long as were going to live in a fantasy land and accept a deal where $4 trillion is cut over 10 years, why not expand the fantasy to accept a 10-year plan to eliminate the deficit by the entire amount. That the present congress will do anything serious is in itself a fantasy.
If, in fact, they we’re serious, we would start the 10-year cuts in 2012, not sometime in the future.
Unfortunately, were in such deep crap, theres no way to pay off the debt unless the government raises the tax to 100%. To pay down at the debt at the present tax rates in 10-years, we would have to reduce federal spending by $1.4 trillion per year. After including the interest, we would, with present revenue, have to reduce the federal government by 75% to meet the objective. Perhaps a 75% reduction in federal spending would be a good thing.
You’re exactly right. There’s no such thing as a 10 year budget. Congress can only pass a budget one year at a time, so the only thing that matters is the amount of spending cuts this year. A proposed cut even 2 or 3 years from now will never happen. There’s nothing that would force a future President to go along with some “deal” made in the year 2011.