To love your country is to hate red ink.Sounds like a Tea Party slogan, doesn’t it? This concise declaration of fiscal responsibility would look at home on many a conservative bumper or amid a sea of protest signs, but incredibly, it was uttered by Boston University history professor Andrew Bacevich as—I kid you not—a glowing endorsement of President Barack Obama’s April 13 speech on the federal budget. On the Daily Beast, Bacevich declares that the 44th president has “expanded the operative definition of patriotism to encompass belief in balanced budgets”:
This is surely a good thing. So too is the president’s willingness to finger the essence of the problem: a widespread desire for an endless free lunch—people coveting government benefits without a willingness to pay for them.I defy you to find a more surreal reaction to Obama’s remarks. We’ve previously discussed how Diamond Barry’s proposed budgets have been so bloated they call for new taxes by the trillions to sustain them. The president might have said on Wednesday that he wants to reduce the deficit by $4 trillion over the next twelve years, but as Mark Knoller of noted right-wing mouthpiece CBS News reports:
Obama also performed a useful service in pointing out that any serious effort at deficit reduction will have to target the Big Four: Medicare, Medicaid, Social Security, and national security.
Regarding that last category, the president promises to reassess not only military missions and capabilities, but also America’s role in the world. In our post-unipolar moment, such a reassessment is long overdue. Yet to have more than cosmetic results, Obama will have to take on some very sacred cows and some very powerful interests.
Budget totals issued by the Office of Management and Budget (OMB) in February project 10 years of deficits totaling $7.2 trillion between 2012 and 2021. Another two years at that rate would bring the 12 year total to $8.6 trillion.Read the rest on NewsRealBlog.
The Obama 12-year plan would cut the projected deficit total in half, but would leave another $4 trillion in deficits that would be added to the National Debt, which now stands at $14.27 trillion.
Separately, OMB expects the Debt to double over the next ten years to a mind-boggling total of $26.3-trillion in 2021. It’s estimated the Debt that year would cost U.S. taxpayers $928-billion in interest payments. Four trillion dollars in deficit reduction would reduce the Debt to just over $22-trillion, and still inflict $700-billion in interest on the federal budget.