Since making cuts on the House of Representatives expense budget of about $25 million per year - nothing. We continue to spend $4.6 billion A DAY more than we take in. So in 184 years this $25 million per year will have paid for one day’s additional debt. In other words if we find another 67,160 such cuts we will have balanced budget (if we do it now). It will take deeper cuts if we wait another month.
There is much talk in the media about “default” if we don’t increase the debt limit. Virtually no discussion about actually making cuts today. One thing is certain, if we keep the current system of always increasing the debt ceiling, we are guaranteed to default in the future.
It is like a family with $50,000 in debt limit on their credit cards and reaching that limit. If a bank will give them just one more credit card, they will have time to turn things around. Except they never do until they run out of people that will lend to them. They keep facing the same problem each time they reach their increased credit limit. And then at some point, the family needs to borrow simply in order to pay the minimum payments on their credit cards.
The only difference is that our government sets it own credit limit. Our national credit limit can be increased indefinitely until no one will lend us money anymore.
The Republicans have been all talk; they have cut a measly $25 million. Why not cut one little program (say the subsidies to public television, public radio, or the National Endowment for the Arts) today and find one other cut tomorrow and get at the tough and thankless job of cutting each and every day until we have the spending under control? Everyone is talking about needing more time to make the hard cuts that are needed. But the deadline is the means that the Republicans have to insist on fundamental change - NOW. The Republicans need to step up to the plate and block the increase in the debt ceiling.
But alas, it ain’t gonna happen. All talk and no action.
An interesting new college model - Minerva
10 years ago
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