Posted on 01/09/2019 7:35:27 AM PST by SeekAndFind
Twenty years ago, I was fortunate to become U.S. comptroller general. At that time, the federal government was in surplus and yet, having previously served as one of two public trustees for Social Security and Medicare, I knew that the federal government faced rising deficits and debt/GDP levels in the future due to known demographic trends and rising health care costs.
Three fiscally irresponsible actions happened in 2003. First, the federal government passed a second round of tax cuts that were debt financed. Second, the USA invaded Iraq and charged it to the national credit card. Finally, the federal government expanded Medicare to include prescription drugs adding over $8 trillion in new unfunded obligations to that program.
As a result of the above actions, I began a multi-year effort, in partnership with others, to raise the level of attention placed on fiscal issues. Those efforts paid off and deficits declined until the financial crisis occurred in late fiscal 2008 after I had left my position as comptroller general.
It is now clear that neither major political party is fiscally responsible. The Republicans focus primarily on tax cuts, the Democrats focus primarily on spending increases and neither party focuses on the “bottom line” and longer-term. For example, in the past year, legislative changes on both the tax and spending side of the ledger resulted in more than doubling the deficit for fiscal 2019.
Total debt subject to the debt ceiling limit is about $22 trillion today and growing versus $5.7 trillion at the end of fiscal 2000 and declining. Trillion-dollar annual deficits are projected to return in fiscal 2020. Shockingly, the Congressional Budge Office projects the federal government will spend more on interest than national defense within five years and total interest costs will reach almost $1 trillion within 10 years.
(Excerpt) Read more at washingtontimes.com ...
It’s not the parties, though, or the elected officials who are to blame. It’s the voters.
If you’ll only vote for someone who agrees to give you more stuff and then cut your taxes, too, you shouldn’t be shocked at the result.
Many thanks to the Kenyan buttplug for doubling the national debt...and, yes, both Parties are at fault.
Also, bear in mind that Social Security benefits are scheduled to be slashed by 30% in 13 years. Ignoring problems does not always mean they go away.
Yes they are. At the rate we're going we may well double it again under a two term Trump administration.
Related:
Republican House Increased Debt $7.9 Trillion in 8 Years
My suggestion is to default on the National Debt. That would clear the slate and force the governments to live in their means because no one would ever loan money to the government again.
Without a doubt, this nation and most other Capitalist societies that allowed socialists to gain power are literally RACING to bankruptcy. In the future, as we cyclically return to high interest rates, the burden of finance debt interest payments will topple civilization. It isn’t an argument other than when that is.
The Rubicon was the mortgage fiasco of 2008 and all that helicopter money. We doubled the already monstrous national debt after that socialist induced disaster. The rest of the world played party too, so we are all going to sink together, at the same time.
There isn’t even a fake attempt at budget restraint anymore at the federal or local level.
Very true. The voters have completely left the politicians off the hook for budget restraint and fiscal responsibility. There are so many to blame, and we don’t have enough fingers.
Socialism now, until we run out of money to spend. After that, dictatorships and communism. The future is ugly, the end of times is upon us.
Welfare bum mentality has taken over. Heck, just look how proudly stores place banners LOUDLY proclaiming that they take EBT. Back in the day, food stamps, collecting unemployment, assistance was something people were ashamed of. Today folks scam that for every penny they can....PROUDLY.
Also, bear in mind that Social Security benefits are scheduled to be slashed by 30% in 13 years. Ignoring problems does not always mean they go away.
So, we are aborting the next generation of Americans away and at the same time importing millions of illegal aliens who are uneducated low wage earners.
These low productivity illegals will also be a burden on the Medicare/Medicaid/Social Security/Welfare system.
And yet both parties want to continue the influx of illegal. Where are the realist in our government?
With all of talk on a rotating basis the past 20 years over terrorism, gay marriage, immigration, Hollywood, muh Russia, BLM, guns, impeachment, tax cuts, twitter, etc, this is the 500 ton elephant in the room that no one EVER talks about, that the world is broke.
Congress is what the article following this one is actually about, “Toilets That Talk”.
First up, I don’t get any stuff from federal or state governments. I do pay outrageous taxes driven mostly by the party of people who get stuff from both governments. I do not vote for anyone who advocates increasing gov spending. So Mr. Comptroller don’t blame me for the actions of congress. Short of building a gallows and making an example of them there is nothing I can do to change their behavior. And I am no debt slave to the government for their marxist taxes. You and the government have no right to steal from me. I am sick of it and I am not alone.
As long as the Federal Government is allowed to borrow money to grow its power, nothing is ever going to change. We have not paid a cent on the debt since 1957. Just interest!
Related:
Republican House Increased Debt $7.9 Trillion in 8 Years
The U.S Debt has increased every year since 1957. It has done so regardless of which party is in power either in Congress or the Presidency.
> The U.S Debt has increased every year since 1957. It has done so regardless of which party is in power either in Congress or the Presidency.<
Agreed. CNS is a conservative website. The point that they were trying to make is the same as yours. Republicans can overspend as much as Democrats.
Correct. But what will change is that interest rates which have been kept artificially low will rise over time and interest payments on the debt will consume the budget.
It's Trump's swamp now and there is not much he can do about it. He tried to simply not spend budget amounts that weren't needed (remember?) and Congress would not even pass that simple action. We are screwed.
This country is so large and great that it will absorb these pressures for quite a while which makes it easier for these politicians to ignore the problem.
If the reader agrees with Walker, now there are 2 peeples in the country that realize we can’t pay $ 1 trillion of annual interest.
Ultimately, selling Alaska and Hawaii to the Japanese will be a real possibility.
Ironic.
10 trillion for Alaska?
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