Thursday, June 2, 2011

Time? I Don't Think So

A couple eggheads and MJS think there's time to deal with the debt problem.

There's not.  Debt at 65% of GDP is too high by about that much.  That's like having a job that pays $100,000 per year and having $65,000 in credit card debt.

The referenced study clearly states "(t)hat government debt will grow to dangerous and unsustainable levels in most advanced and many emerging economies over the next 25 years - if there are no changes in current tax rates and government benefits programs in retirement and health care...".  Then MJS promptly pans Ryan's plan for Medicare, saying, "(i)t would, for example, give younger Americans a voucher to buy health care instead of the standard Medicare plan, which runs the risk of shifting the burden from the government onto seniors."  

The very idea we can continue to fund entitlements, including Medicare via taxation is absurd.  It hasn't worked anywhere it has been tried.  That we can tax our way out of this is equally absurd.  Government finds a way to spend that "extra" money.  They have done it time and again.  Starve the beast.  Get as many people off the dole as possible.  If you are able-bodied, you work for your living.  Return to those Constitutionally authorized activities for the Federal Government.  The states can do as they please, but the Feds must be restrained.  Repeal the 17th Amendment to take a BIG chunk of money out of politics and return the Senate to work for the States.

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