Debt Ceiling Stand-Off: What Does Compromise Look Like When We Already Borrow 43 Cents of Every Federal Dollar Spent?
This staggering item stands out from Mark Steyn’s (characteristically excellent) column of today.
When the 44th president took office, he made a decision that it was time for the already unsustainable levels of government spending finally to break the bounds of reality and frolic and gambol in the magical fairy kingdom of Spendaholica: This year, the federal government borrows 43 cents of every dollar it spends, a ratio that is unprecedented.
What an absurdly irresponsible and dangerous position this and the prior Congress and President have placed us in.
President Obama, around the same time he made it clear that he would cut social security checks for seniors and the infirm before he would cut funding for high speed rail (and other boondoggles) or welfare benefits for the healthy, called for compromise.
Setting aside that legislative “compromises” got us to this point, how can there be talk of compromise when 43% of your annual operating funds are borrowed? Doesn’t any kind of “compromise” still leave us in the area of unsustainable spending?