NewburyportNews.com, Newburyport, MA

Opinion

March 20, 2013

Obama offers only tax, spend and borrow

From the lips of our president in his State of the Union speech came his clarion call, tax-spend-borrow; his reasonable compromise, tax the wealthy, close the loopholes, spend more for equality while creating the biggest divide in our nation’s history between the haves and have-nots. If I did not know better, I would believe an American revolution is being run from inside the White House.

Out in the political world there is talk about taxes on haircuts, soda, candy, groceries, health insurance policies and the much talked about VAT (value added tax). What’s next, bottled water?

Does anyone out there really see our nation’s problem?

As I write these words, sequester looms on the horizon and I read and listen as the White House, the Democrats warn us of the dire consequences. Sequestration will cut health care, national security, global and national growth as millions will lose jobs. Teachers, airport personnel, police, firefighters, military personnel will lose their jobs. Children will go hungry, people will die in our streets and rancid food will be on our supermarket shelves.

Let’s see: The sequester will cut $85 billion from a budget of $3.7 trillion. That’s bout 4.2 percent of the budget.

There’s talk in Washington that we need to do something about our national debt and our spending, taxing and borrowing. Under President Obama, our national debt has gone from $10 trillion to $16 trillion and the Office of Management and Budget projects the debt to rise to $22-$23 trillion in the president’s second term.

Economists warn that under this scenario when interest rates come back to normal, we will be facing a $500 billion payment of interest only on our debt. Five hundred billion just to pay for the interest on our debt!

Now in the elite towers of Washington, there is talk and much praise for the Simpson/Bowles Bill. This bill if it were come to pass projects a $4 trillion cut in our budget/deficit over 10 years. Let’s be clear, it does not lower our deficit, it lowers the rate of increase. The projected budget deficit over those 10 years is $16 trillion, so under Simpson/Bowles that would be lowered to $12 trillion.

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