We live in a test tube of democracy right now where the age-old adage "Deficits don't matter" is being examined.
Back in 2004, Vice President Dick Cheney was reported to have said that phrase to Bush Treasury Secretary Paul O'Neill when he worried that budget deficits posted a threat to the economy.
Debt has become a threat to democracy, because elected politicians are spending us into a potential debt crisis.
According to the Congressional Budget Office, "The federal budget deficit was $2.7 trillion in the first nine months of fiscal year 2020, CBO estimates, $2.0 trillion more than the deficit recorded during the same period last year." The CBO estimates that the debt this year will hit $3.7 trillion, when it was originally projected to be at about $1 trillion before the coronavirus pandemic.
James Capretta of the American Enterprise Institute wrote in Real Clear Policy in 2018, "Making adjustments to Social Security and Medicare is a complex undertaking that will take many years to complete." He makes the case that you can't change benefits for these programs currently, therefore the "Big changes will have to be applied prospectively, and the budgetary payoff will come in 15, 20, and 30 years." The goal is to strengthen the programs while reducing cost.
Although the Democrats are probably attacking this program for the wrong reasons, the F-35 program has had some serious issues that should get the attention of Republicans.
First, the program costs well over $1 trillion over its lifetime at a Pentagon that has a difficult time auditing programs.
Back in 2004, Vice President Dick Cheney was reported to have said that phrase to Bush Treasury Secretary Paul O'Neill when he worried that budget deficits posted a threat to the economy.
Debt has become a threat to democracy, because elected politicians are spending us into a potential debt crisis.
According to the Congressional Budget Office, "The federal budget deficit was $2.7 trillion in the first nine months of fiscal year 2020, CBO estimates, $2.0 trillion more than the deficit recorded during the same period last year." The CBO estimates that the debt this year will hit $3.7 trillion, when it was originally projected to be at about $1 trillion before the coronavirus pandemic.
James Capretta of the American Enterprise Institute wrote in Real Clear Policy in 2018, "Making adjustments to Social Security and Medicare is a complex undertaking that will take many years to complete." He makes the case that you can't change benefits for these programs currently, therefore the "Big changes will have to be applied prospectively, and the budgetary payoff will come in 15, 20, and 30 years." The goal is to strengthen the programs while reducing cost.
Although the Democrats are probably attacking this program for the wrong reasons, the F-35 program has had some serious issues that should get the attention of Republicans.
First, the program costs well over $1 trillion over its lifetime at a Pentagon that has a difficult time auditing programs.
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