It's very interesting. The government borrowed so much money from so many different sources at such a fast pace, that no one knows just when it will have borrowed all the money that the law allows.In Charm bracelet to this mess -- a mess because the government already has a debt of $14 trillion, a mess because much of that will soon come due to the lenders and the government doesn't have the ability to repay them, a mess because lenders are getting nervous and will soon demand that the government pay higher interest rates when it borrows. In response to this mess, we have basically three proposals.
Proposal number one, from the president, will have Democrats giving the president all the borrowing authority he wants. Don't mistake me. This is not a partisan issue. The Republicans Heart tag charm Toggle bracelet President George W. Bush all the borrowing authority he wanted and he borrowed trillions. Proposal number two comes from the House Republican leadership. It would trim a paltry $38 billion from the president's budget. In the stratosphere of government finance, the budget is $3.7 trillion, that's just a drop in the bucket. Tiffany Cushion Toggle bracelet number three is from Senator Rand Paul. It would cut $500 billion from the president's budget. Though modest, that's a real cut. Regrettably, if enacted, it would still require that the government borrow another trillion.
So which is best? Well, here's the problem. Two-thirds of what the government spends is to pay interest on debt and to transfer wealth via Medicare, Medicaid, Social Security and for defense. You can't morally take money away from folks who have planned their lives expecting to receive back what the government has already taken from them. But you can Flower charm bracelet the troops home. You can cut the defense budget by hundreds of billions. You can end foreign aid. You can end farm subsidies. You can abolish the departments that are not constitutional -- Health and Human Services, Education, Agriculture, Energy, Transportation, Housing and Urban Development and Commerce.
Commentaires