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April 13, 2013
Can anyone present a budget that cuts spending?
President Obama and the Senate Democrats finally have a budget. However, it looks to me like just a lot of "cut and paste". In other words, will we ever see a brave politician who actually proposes a cut in government spending? I mean real spending cuts not cuts in increases. This is critical because our debt is on a path to hit 78% of GDP in 2014. The problem with debt is that it comes with interest expenses. The second problem is that interest expense eats up your cash flow and there is nothing left to pay the other stuff. Greece may have the luxury to go broke but the US, the world's only superpower, can not shut down our Navy or Air Force. We must continue to patrol the world's oceans and air or this planet is going turn into a very nasty place to inhabit. Yes, our debt is a national security problem. We've been lucky because interest rates are so low that debt service has not hit us between the...(Read Full Post)