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Posts Tagged ‘fiscal’

By SARAH
PALIN

 

The publication of the findings of the president’s National Commission on
Fiscal Responsibility and Reform was indeed, as the report was titled, “A Moment
of Truth.” The report shows we’re much closer to the budgetary breaking point
than previously assumed. The Medicare Trust Fund will be insolvent by 2017. As
early as 2025, federal revenue will barely be enough to pay for Social Security,
Medicare, Medicaid and interest on our national debt. With spending structurally
outpacing revenue, something clearly needs to be done to avert national
bankruptcy.

 

Speaking with WSJ’s Jerry Seib, Congressman Paul Ryan (R,
WI) insisted that the deal between Republicans and the White House on the Bush
Tax Cuts was not a second stimulus and that the agreement would promote growth
despite adding to the deficit. Read more here

The commission itself calculates that, even if all of its recommendations are
implemented, the federal budget will continue to balloon—to an estimated $5
trillion in 2020, from an already unprecedented $3.5 trillion today. The
commission makes only a limited effort to cut spending below the current trend
set by the Obama administration.

 

Among the few areas of spending it does single out for cuts is defense—the
one area where we shouldn’t be cutting corners at a time of war. Worst of all,
the commission’s proposals institutionalize the current administration’s new big
spending commitments, including ObamaCare. Not only does it leave ObamaCare
intact, but its proposals would lead to a public option being introduced by the
backdoor, with the chairmen’s report suggesting a second look at a
government-run health-care program if costs continue to soar.

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