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Cafferty File: Obama on deepening national financial crisis

submitted by blankfist

1 decade 2 years 7 months 3 weeks ago

President Obama's $3 trillion debt reduction plan is really a huge tax increase accompanied by very small and somewhat questionable spending cuts.

The president wants $3 in tax increases for every $1 in spending cuts, according to the Washington Times.

His plan will go nowhere in Congress.

Besides the $1.5 trillion in new taxes, here are the president's ideas of spending cuts:

Find "waste" in Medicare. Where have we heard that before?

Count savings from winding down the wars in Iraq and Afghanistan, which was going to happen anyway.

Count lower interest costs on national debt.

Where are the cuts? There's no entitlement reform in this plan, no orders to cut the federal workforce, to cut the budgets by a significant amount or to close overseas military bases.

There's no means test for Social Security, no raising of the retirement age. Nothing.

Meanwhile, as we wait for the so-called Super Committee to come up with its plan, this deficit situation is a ticking time bomb.

Here's the scary truth: Even if the committee manages to come up with $1.5 trillion in deficit cuts over the next decade, it's a miniscule drop in the bucket.

The United States is more than $14 trillion in debt and we are adding to this debt at the staggering rate of more than $1 trillion in deficits per year.

So even if the government cuts $3 trillion or $4 trillion over 10 years, we will still have a national debt of $21 trillion in 10 years: $7 trillion more than we have now.

The federal government knows this full well and refuses to be realistic about how dangerous our predicament is.

Here’s my question to you: Is anyone besides Ron Paul serious about our deepening national financial crisis?

From: http://caffertyfile.blogs.cnn.com/2011/09/20/is-anyone-besides-ron-paul-serious-about-our-financial-problems/