Monday, February 14, 2011

Hope For Federal Budgetary Discipline

Listening to our elected officials, you'd think there is hope for fiscal restraint. But with a federal debt that should reach $15.476 trillion by Sept. 30, this will be 102.6 percent of the entire national GDP. This will be the first time since World War II that the debt will be this high.

All of the discussion is on discretionary spending. Important but nothing compared to the entitlement programs -- the trillion pound gorilla in the middle of the room. How do we continue along this path, trying to fill a leaky bucket with an eyedropper?

Politicians are unable to deal with Medicare, Medicaid and Social Security with any reasonableness. Instead they focus on cutting programs like NPR and PBS. Certainly there is waste within discretionary spending but it dwarfs the entitlement programs.

Add to this the interest payments, and the nation is heading towards bankruptcy. The politicians know this but the sense of urgency is not there.

Great will be the politicians and bureaucrats who solve this problem. The know-how is there, the political will is not. I pray that the libertarian aspect of the political parties bring sanity to the problem. This ship is sinking and has been for over a decade.

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