Yes, you read that correctly: in a Treasury report (PDF), the “total present value of future expenditures in excess of future revenue” is $42.97 trillion dollars. This is over the next 75 years – which means that over the next 75 years, we’ll have to come up with that money, unless you think there is more than $40 trillion we can borrow out there. Remember, this is expenditures in excess of revenues…in other words, the real annual deficit over the next 75 years is about $570,000,000,000.00. And this is before TARP II and Obama’s “spendulus” package. We’re in a position where we need to figure out how to spend half a trillion dollars less per year, and Obama wants to spend trillions more than we’re already over spending.
This is from the smart guy who replaced President Bush.
A very large part of this annual deficit is, of course, in Social Security, Medicare and Medicaid. And this, dear liberals, is why we conservatives started yammering on about how we need to fix entitlement spending because its already horrible, and the longer we wait to start fixing it, the harder it will be to fix. Thank you, very much, for already screwing the pooch on this one. And you did it simply for a partisan, campaign issue…a few votes, to you, was more important than the future economic health of the United States of America.
Anyways…
As I’ve said before, we’re bankrupt. We tried the liberal model for the past 75 years – with some modifications by Reagan and Bush which, because of liberal intransigence, ended up merely putting off the day of reckoning – and it has failed. There is, as they say, no free lunch – and the tab has now come due. We have to pull back – spend less, make more, save more.
If we really want to get out of this, we have to immediately cease all non-essential government spending, start the long process of privatizing entitlements and set up our economic regulations in such a manner as to encourage wealth creation. We do this, and we can get ’round this problem in a decade or two…don’t do it, and it will just get worse and worse each year, perhaps masked at times by a prosperous year or two, but ultimately there will come a when we’ve taxed, borrowed and printed every red cent we can, and there are still people with their hands out.
And, liberals, there is some good news I can impart to you here – you don’t have to give up your dreams of bonanzas of government spending. But you do have to give up your dreams of borrowing and printing your way into the funds for doing it. Set up a budgetary system which is balanced with a “rainy day” set aside each fiscal year, and in a few years you’ll find that even with a balanced budget and swiftly reducing federal debt that you’ve got just oodles of taxpayer cash to play with…but you have to live within your means.
And, hey, I’m not the first person to say this to you of late – Obama did, too. Of course, he was lying about it. But did you think he was lying about it when he said it? If you didn’t, then don’t you think you should busy yourself holding him to his promise? Its either that, or the course you’re heading down will result in a very large Republican majority in the by and by…and then even if there are oodles of cash, we won’t let you play with it…
Your choice.
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