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Steve McIntosh Report Blog Archive

Serious spending cuts

There’s a lot of talk in Washington this week about cutting spending, slowing the growth of government, and reducing the deficits and national debt. Some of us have been talking about this for decades. Is it really popular enough with voters to finally get something done? I have serious doubts.
A large portion of our federal budget goes for national defense. This means serious spending cuts will have to be made at the Pentagon. There are many forts and bases that could suffer, and many civilian jobs lost. Politicians will battle tooth-and-nail against military cuts in their home districts.
Then there is Social Security. The growth of future benefits must be slowed, Americans must be asked to retire at an older age, and those making more than $106,000 a year will have to continue “contributing”. Add a “lockbox” to keep the Fed from borrowing money from the trust fund and you’re good to go for a hundred years.
Are Americans ready to make those sacrifices? Probably not … but I am.
Our thought for today is from Seneca:
“Difficulties strengthen the mind, as labor does the body.”

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Locations : Washington

01/26/2011 1:15AM
Serious spending cuts
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