Here’s the problem: Congress and presidents have done little to slow federal spending the past ten years, while revenue has not kept pace … thanks to tax cuts and the recession. Politicians have opted for increasing the national debt, rather than make tough choices that might cause them to lose their jobs.
A poll on our web site reveals 90% of the respondents favor cutting spending to reduce the deficit … 3% say increase taxes … and 6% say a combination is needed. The cold truth … I’m afraid … is that “combination” is the only workable answer.
Cutting spending means the defense budget and entitlements … the two biggest budget items and the two biggest political hot potatoes we have. Defense spending will have to be cut. Period.
Entitlements will have to be trimmed and altered.
Even if we can effectively slow the growth of government spending, we’ll need to boost revenue. Politicians are beginning to admit that somebody will feel some discomfort if we are to fix our finances … to pay for the fools’ follies of the past.
Our thought for today is from Rita Mae Brown:
“For you to be successful, sacrifices must be made. It’s better that they are made by others but failing that, you’ll have to make them yourself.”