Showing posts with label federal debt. Show all posts
Showing posts with label federal debt. Show all posts

Wednesday, November 24, 2010

Why we'll have a hard time bringing down the debt

Governor Bob McDonnell and virtually all of the Commonwealth's elected leaders of both parties have unwittingly demonstrated why getting a handle on the federal deficit and debt will be so difficult. The governor and Virginia's congressional delegation are lobbying the Pentagon and taking to the air waves to argue against plans to close/downscale military bases and cut military jobs in the state. Those same leaders, almost to a person, talk of the need to cut federal spending and to reduce the debt... but like political leaders everywhere, they don't want to take the hit.

The governor talked about protecting national security (hey, that's the Pentagon's job, not the governor's) and the impact on the Virginia economy. But, the real reason is likely their own job security and political futures.

The USA will never fix our budget imbalances until those who scream loudest for spending cuts are willing to take willing to take some cuts themselves. It can't always be tax the other guy and spend the money on me. Where are politicians who will look beyond their immediate needs to the bigger picture of our common good? Where are the American people willing to do so? Don't tell me it is tea partiers... the one I know best is already screaming "don't touch my Social Security or Medicare... don't raise my taxes...."

Friday, January 29, 2010

Look in the mirror, Bob

Rep. Bob Goodlatte (VA-6) has just sent out an email calling on President Barack Obama to exercise fiscal disciple to rebuild the American economy. The congressman worries that Obama's freeze will "only lock in the out of control deficit spending levels that have been enacted."
If so, the freeze will be locking in the excesses of the Bush years when Republicans controlled both or one house of Congress. Among their "accomplishments" after inheriting a budget surplus of $236 billion:
  • Bush and the GOP expanded the federal budget by some $700 billion.
  • Bush launched two expensive wars in which we remain mired.
  • Bush started the bailouts of the financial industry.
  • Bush and the GOP presided over a $2.5 trillion increase in the federal debt.
Where were today's Republican advocates (like see-no-Republican-evil-Bob) of fiscal restraint when President Bush ran up the red ink adding more debt than all previous presidents and leaving us with a financial crisis worse than any since the Great Depression. If you want to place blame for deficits, debt, and our struggling economy, look first in the mirror, Bob.