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Saturday, June 12, 2010

13 trillion reasons to cut the deficit

It’s a number that’s so big, it’s “almost impossible to process,” said Michael Tanner. This week, the federal debt officially passed the $13 trillion mark. To make this “outlandish debt” less of an abstraction, consider that if you earned a dollar for every second, it would take you 416,000 years to pay it off. And that’s not half of it: The $13 trillion figure vastly understates the hole we’re digging for children and grand-children, since it doesn’t include $15.8 trillion in unfunded liabilities for Social Security and at least a $50 trillion shortfall for Medicare.“There is no way to tax our way out of this mess”: Just keeping up with current spending would require raising the tax rate on the rich to 88 percent and on the middle class to 63 percent. No sane person believes “the economy can survive that kind of taxation.” That means Washington has to do what Democrats and Republicans alike have been unable to do for years: Stop the runaway spending. Unless we want to follow Greece down the road to insolvency, “someone is going to have to have the courage to say “No.”

Michael Tanner
New York Post
As Quoted in The Week magazine, June 18th edition


Machster said...

The above plus much more are main reasons those who have enabled this to happen, e.g. Senator Orin Hatch, Senator Bennett, Representatives Bishop and Matheson need very much to be held accountable at the polls as they come up for re election.

And why this Lee lawyer dude needs to not get a vote, as we need honest people who understand business, in office. Bridgewater at least would do for a couple of terms before also being replaced. And Rep. Chaffetz is still showing he is frugal and conservative.

But if our grandchildren are to have any chance at all, we need to also show some fortitude and make changes and not allow any further career politicians. Term limits, plus common sense demands will be required...starting with no more perks and privileges and exemptions for public servants.

One down (Bennett) and three to go...

Oh, and flushing the Realtor/Developer cabal in Utah government would bring significant improvements too. Just my opinion tho....

Flossy said...

Don't forget we must dump Zogmaister and Kerry Gibson too. They are part and parcel slaves to the development/Real Estate bozos.