While we’re on the subject of increasing debt, did anyone notice that President Obama’s “deficit reduction plan” is even more piddly than the Republican one we looked at a couple of weeks ago?
Despite pretty tolerant media coverage in which projected cuts over ten years are compared to a single year’s deficit, it’s evident to many observers that the president’s proposed budget does nothing to address the government’s ongoing debt crisis. A mere freeze in domestic discretionary spending does nothing to stop the drive toward national bankruptcy, which is being driven primarily by the big entitlement programs with some help from the defense budget.
As usual, the promised trillion-plus dollars in cuts are back-loaded, to be implemented by Obama’s unfortunate successors, whoever they may be. Of course, they won’t consider themselves bound by Obama’s promises.
People have got to learn that the only cuts that matter are the ones being called for in the next year’s budget. The rest is all smoke and mirrors; it will be a whole new ballgame in budget debates a year from now. The namby-pamby proposals for the coming year will only bring us closer to mass inflation.