Quote:
Originally Posted by GRH
http://www.dailyfinance.com/2011/06/...spend-and-how/
I heard Rush Limbaugh babbling about how there's no debt crisis because we have enough money to pay the interest on the debt. But he was not disputing (he even quoted) the fact that Timothy Geithner has said that not raising the debt ceiling will result in a 44% reduction in spending.
The link above details how the federal budget is allocated. If you were to entirely cut every dollar that goes to Discretionary/Other, Education, and Social Safety Net programs...You'd have only cut spending by 26%. So if we're going to bear a 44% reduction in spending...Where are you going to cut the other 18%? Well, the pie chart doesn't leave a lot of other attractive options. You'd have to cut benefits to today's Social Security or Medicare recipients...Or the hallowed department of defense. This is why it's disingenious for people to act like we have enough tax receipts to cover our obligations.
|
I suspect he meant 44% cut in discretionary spending, which includes lots of military spending (over half of discretionary spending is military). The party is over and the hangover is not going away.