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Steve McIntosh Report Blog Archive



Time to get serious about the deficit?

Here’s hoping that the Republican victories in the midterms will mean real fiscal responsibility in Washington. I’m not holding my breath. You see, any plan to cut taxes or preserve the Bush tax cuts will only increase our huge national debt, in my opinion. That’s because I don’t expect Congress or the President to address the true nature of the beast, and slow spending.
Attacking the deficit will cause pain. Lop off a few thousand federal government jobs and you’ll have a few thousand more on the unemployment line … not paying taxes.
I can hear the screams now when middle-class entitlements like Medicare and Social Security are asked to cut their outlays and – possibly – raise their supporting taxes.
And the biggest part of federal discretionary spending is the defense budget … 717 billion dollars. Cuts there mean more lost jobs and defense contracts.
As Fareed Zakaria wrote in Time Magazine: “These are not political statements. They are mathematical ones…”
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Our thought for today is from Richard Nixon:
 
“The people’s right to change what does not work is one of the greatest principles of our system of government.”


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Topics : Business_FinanceLaborPoliticsSocial Issues
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Locations : Washington
People : Fareed ZakariaRichard Nixon




 
11/11/2010 1:34AM
Time to get serious about the deficit?
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