Thanks to the overspending of Congress and successive presidential administrations, America's debt totals $22 trillion, and it is projected to grow faster and larger in the years to come.
A time will come when no level of cheap debt will make up for Washington's fiscal recklessness.
Disappointingly, many of the CBO's alternatives are meant to grow government revenue rather than shrink government expenditures.
All told, the report details $15.9 trillion in tax hike options vs. $5.7 trillion in spending cut options.
On the spending side, the largest savings would come from establishing caps on federal outlays for Medicaid and from cutting $50 billion a year over 10 years from the Department of Defense.
Even these "Cuts" would be against a baseline that assumes an ever-rising level of spending.
In other words, many of them would simply slow the speed at which government grows, not reduce the total spent.
http://reason.com/archives/2019/02/19/if-we-cant-cut-entitlements-wh
A time will come when no level of cheap debt will make up for Washington's fiscal recklessness.
Disappointingly, many of the CBO's alternatives are meant to grow government revenue rather than shrink government expenditures.
All told, the report details $15.9 trillion in tax hike options vs. $5.7 trillion in spending cut options.
On the spending side, the largest savings would come from establishing caps on federal outlays for Medicaid and from cutting $50 billion a year over 10 years from the Department of Defense.
Even these "Cuts" would be against a baseline that assumes an ever-rising level of spending.
In other words, many of them would simply slow the speed at which government grows, not reduce the total spent.
http://reason.com/archives/2019/02/19/if-we-cant-cut-entitlements-wh
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