Most people, provided they have a minimum of experience, know that taking a bone from a dog is a risky proposition. In terms of political power, few dogs are bigger than the American voting public. Taking away, or even threatening to take away, the major entitlements to which they have become accustomed could expose politicians to a mauling at election time. As the American leadership begins to grapple with very large issues of entitlement reform in "sacred" programs such as Medicare and Social Security, many may recoil from the task once the fangs begin flashing.
According to polls, 77% of Americans feel the U.S. Government must cut spending. But when it comes to specifics, the support melts away very fast. Until recently, the strongly Republican 26th District of upstate New York had elected only three Democrats since the Civil War. But in a special election held this month (to replace the resigned Republican Chris Lee) the district fell to the Democratic column for the fourth time in 150 years. Many have theorized that the political upset was based on fears that the budget plan put forward by House Budget Committee Chairman Paul Ryan would restrict entitlements, particularly Medicare.
If there is any truth to this, it shows how difficult the process may be for politicians who want to seriously trim the Federal budget. But any glance at the enormity of the problem should provide the necessary courage. This assumes, of course, that there is any courage at all left in Washington.
Currently the U.S. Treasury has public debts of some $14.3 trillion and is pleading, and in fact coercing, Congress for a debt limit increase. But given are already abysmal situation, additional debts should not be considered.
According to the U.S. National Debt Clock, unfunded obligations such as Social Security and Medicare etc., total some $114 trillion – or more than eight times the size of the annual Gross Domestic Product of the entire nation. Divide this figure by the number of households, approximately 115 million, and you come to the startling realization that each American household is liable for nearly $1 million. Add in another $54.9 trillion, which is the total debt held by all levels of government in addition to all business and household debt, and you begin to get an idea of why the future looks bleak.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
Social Security would have been ok if they would have quit raiding the fund to pay for other crap. The same is true of state pensions.
How about they trim the Federal Dept. of Education, and Dept. of Energy? Make welfare a limit of one year and then find a job, any job. Public assistance should be a helping hand, not a lifestyle choice.
But it is America's nature to put off the inevitable as long as they can. There is so much government waste that can be trimmed. Our Congressional leaders still fight for pork added to any and all legislation to appease their constituents and their state's best interests. I don't think there is an American breathing who is ready to accept the changes that need to be made. Even those who propose the most painful of cuts - are only willing to do so because it will NOT affect their way of life personally.
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