Here is some deep reality, from Obama's co-chair of the budget deficit commission, Erskine Bowles.
Bowles, a Democrat, then laid on the crowd some pretty simple, but devastating, arithmetic. He explained that 100 percent of the tax revenue that entered the Treasury in 2011 went out the door to pay for mandatory spending -- such as Medicare, Medicaid and Social Security -- and to pay the interest on our staggering $15.6 trillion national debt.
That means that every single dollar we spent on everything else, including two wars, national defense, homeland security, education, infrastructure, high-value-added research and the like, was borrowed. “And,” he warned, “half of it was borrowed from foreign countries. And that is a formula for failure in anybody’s book.”
He's actually calling Simpson-Bowles, “gold standard” for figuring a way out of our fiscal mess. :)
He also cites that 4 trillion needs to be cut. I think this is the bill where Paul says that it's over like 12 years to make the cuts.
Kicking the can down the road, is what this non-nobel laureate says is happening, which big government likes, because they can keep spending and blaming it on the next guy. Hey, if they can give a nobel peace prize to Obama, what good are any of them?
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