The Problem: Unrestrained Entitlements
During he gov shut down I was at amazed at some of the problems reported, it seems that government vouchers and subsidies have permeated the very roots of our society. What does this mean now that unrestrained entitlements have out stripped the demographics? Polls reveal that about 50% of US households have at least one person receiving some sort of government benefit. So even though we may agree that the government overspends there is no consensus on where to cut. Understandably if cuts are necessary everyone wants the cut to affect someone else (even PBS thinks it shouldn't be cut). Since taxes cannot be raised to a level necessary to fund the entitlements the government prints money to cover the costs. When Obama pleads for a debt ceiling raise so we can meet our obligations, he means borrowing and printing money to pay the bills. This may work in the short term but in the long haul we will reach the point where the government will be printing money just to service the debt (all it does is pay the interest). Meanwhile Obamacare is sure to add to entitlements no matter what the CBO says, remember Medicare/Medicaid overran its CBO estimates by many-fold. Both political parties are complicit in this financial scheme that will eventually bring the train wreck. A balanced budget in a decade (if possible) may sound good but will do nothing to solve the debt problem as the debt will be too large to ever solve by then (if not already too large).
"A pen in the hand of this president is far more dangerous than a gun in the hands of 200 million law-abiding citizens."