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Wednesday, October 17, 2012
Why A Balanced Budget Is Impossible In America
If the US government cut all government services except Social Security, Medicare, Medicaid, and interest payments, federal spending would still outpace revenues. As we noted here [3], these four mandatory items dominate costs. All the arguing over sequestration and the fiscal cliff are moot since as Professor Antony Davis notes in this brief clip, there are no specific cust that will enable government to balance the budget; in fact "nothing less than a complete redesign will solve the problem." That redesign begins with determing the proper role of government.
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2 comments:
So really.....it's over. We're just hanging on until we can no longer borrow what it takes to pay our daily bills. Imagine not paying our military, not being able to pay benefits to the elderly who have paid into a failed program for their entire lives. All because a government over stepped it's authority. It has never been within the authority of government to grow to it's current level. Now how are we supposed to pay the debt, AND our current obligations to our citizens, AND continue to give billions to other nations (who gave government the authority to give our tax dollars to other countries anyway), AND do everything politicians think the government should do? It's all coming to a head. We had all be ready to defend ourselves. Hungry people will do anything to feed their kids. I would. Wouldn't you?
This explains the gridlock.There are apparently no right answers,but some answers are better than others.Some of us have long expected what Prof Davis has explained.
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