Bill Wilson
NetRight Daily
9/13/2011
In the 2010 elections, Republicans won an historic victory — picking up 63 House seats and 6 Senate seats — predicated largely on the mandate to cut spending and borrowing in Washington, D.C.
Republicans railed against the Obama Administration’s proposal to take in more than $1 trillion in new debt every year for the next ten years, when by 2021, the national debt will total more than $26 trillion, and the budget balloons to $5.7 trillion.
Yet, when the time came to put their own budget on the table, the best House Republicans could produce was a proposal by Budget Committee Chairman Paul Ryan where the debt still spirals up to $23 trillion, and the budget to $4.7 trillion. The annual deficit would only be cut to $391 billion by 2021.
But why?
Why didn’t Republicans put a balanced budget on the table? Why did they only put a proposal out there that merely reduces the debt as a percent of the Gross Domestic Product (GDP)? Why not pay down the national debt?
In the end, Republicans were only able to cut 2011 outlays by $352 million in the continuing resolution debate, and 2012 outlays by $21 billion in debt ceiling fight — a cut of less than 1 percent. That might be explained politically that without the White House and Senate, this was the best deal House Speaker John Boehner could get. Perhaps so.
But it doesn’t explain why their initial proposal was so anemic, or why the House Republicans quickly abandoned the tea party “Cut, Cap, and Balance” plan under pressure from within their own party. Those remain disappointments with the very voters who just delivered Republicans to the majority…
…if the budget was balanced, the nation’s creditors — for the most part the financial elites, the so-called Masters of the Universe — would lose their cash cow. And their shirts. The entire structure of the global financial system depends on the perpetual expansion of U.S. debt.
This is what it means to have the world’s reserve currency.
…within a few months, America’s national debt will be larger than the entire economy and growing until one day soon it will become laughable to even think it will ever be repaid…
Read the entire article at NetRight Daily.
