Jul
8
Government spending is out of control
Filed Under All, Politics, Personal Finance
Ok, so this article (Taxpayers on the hook for $59 trillion) is a little old, but my blog didn’t exist when it was published a while back. The $59 trillion figure accounts for future government liabilities (entitlements) such as Medicare and Social Security. The more common national debt figure is about $9 trillion and it does not include these liabilities. In reality, the government could cancel these programs and erase the liability which is why the figures aren’t tallied. Of course we all know that canceling these programs is not politically feasible. So as far as I can tell, $59 trillion is a real number. This works out to over $500,000 per American household.
So our financial future has many unknowns. Are leaders in Washington committed to do anything about it? Nope. Just days after the USA today article was published, the President announced a 5 year, $30 billion relief effort for HIV/AIDS in Africa. I’m not necessarily opposed to this sort of relief if it was part of a rational approach to government spending. Instead it’s another example of how seemingly clueless our leaders are to future financial problems. Political expediency always trumps fiscal responsibility. At the very least, couldn’t we put a halt on foreign aid until we have solved the future cash flow issues we are facing?
The federal budget has gone from about $1.7 trillion in 2000 to about $2.8 trillion in 2007. This does not include the various supplemental spending bills we always hear about. This happened under the watch of the party which is supposed to represent fiscal conservatism. Instead, a republican executive and congress passed the Medicare prescription drug benefit which itself is responsible for some $8 trillion of the above figure.
And don’t even think for a second that Hillary, Obama, or any other Democrat has a prayer of helping. In all likelihood, the situation would deteriorate further if a socialized health care program were to be implemented.
So what’s the answer? I don’t know. What concerns me the most is that it doesn’t even seem to be an issue. Washington has a culture of spending. Each elected representative is in a fight to get as much tax money shipped back to his district as possible. A noble goal of someone representing his constituency. Unfortunately, this works directly counter to any rational approach to federal budgeting.
In the eight years I’ve been eligible to vote I have held fast to the Republican party line. Primarily because the insatiable desire to pander with entitlements of the Democrat party can only worsen our financial future. What I have failed to understand is the financial cost of foreign policy. Having American forces permanently stationed in well over 100 countries and engaging an a seemingly endless “War on Terror” is incredibly expensive. The future costs of supporting this foreign policy are just as devastating as the vast experiments in socialism championed by leaders on the left.
The discussion above is the primary reason I am supporting Ron Paul for the Republican nomination. I understand the fear many have when a candidate talks about things like cutting entire federal departments and agencies. However, since the United States Congress has successfully embedded deficit spending into their DNA , the most effective tool we could possibly have is a President who will not be complicit in this irresponsible behavior. “Dr. No” is exactly what we need in the white house. It probably wouldn’t be long before “Dr. No” became “Dr. Veto.”
-Zack
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