… “We Don’t Have a Spending Problem”

 

 

 

 

 

” The truth hurts, especially when you’re coming awfully close to being crowned Captain Six Trillion.  Steve Moore’s exclusive sit-down with House Speaker John Boehner reveals that the president is indeep ideological denial, and can get a bit testy when confronted with the facts: ”

 
” It is a unambiguous fact that the federal government has a spending problem.  Mitch McConnell, Boehner, Pat Toomey and others are right to declare the revenues debate “resolved.”  Obama got his soak-the-rich tax wish, with no new spending restraint in return.  And for the record, even if Uncle Sam brings in every penny of projected revenue, it’ll only amount to about $600 billion over ten years.  The newly-discovered Social Security math error works out to $800 billion.  So 3/4 of that additional shortfall could be satisfied via this tax hike…if it hasn’t already been exhausted on brand new expenditures.  I’ll leave you with four pieces of empirical data.  (1) The brutal numbers, via two members of President Clinton’s bipartisan commission on entitlement reform: ”

 

 

 

“4) This verbatim statement, via President Barack H. Obama:

By the end of this decade, the interest we owe on our debt could rise to nearly $1 trillion. Just the interest payments. Then, as the Baby Boomers start to retire and health care costs continue to rise, the situation will get even worse. By 2025, the amount of taxes we currently pay will only be enough to finance our health care programs, Social Security, and the interest we owe on our debt. That’s it. Every other national priority – education, transportation, even national security – will have to be paid for with borrowed money.

If the president can survey this array of data and make his ‘no spending problem’ claim with a straight face, then I’m afraid he has a reality problem.  But if he’s willing to acknowledge the basic arithmetic, then what’s his meaningful solution to eliminating — or even significantly reducing — that debt, as illustrated in item three?  ”