PREPARING FOR THE NEXT DEBT FIGHT

[Geee]

American Spectator:

While the Obama administration lectures Europe about the latter’s fiscal policies, Washington continues to run deficits. The problem is bipartisan. When George W. Bush took office the national debt was $5.8 trillion. When Barack Obama took over it was $11.9 trillion. Now it is $18.2 trillion.

 

And these numbers will look like the “good ol’ days” when the entitlement tsunami hits in coming years. Interest alone ran $431 billion last year. As interest rates rise to more normal levels, debt payments will be one of the big spending boulders, alongside Social Security, Medicare, Medicaid, and military. Worse, economist Laurence Kotlikoff figures total unfunded liabilities today run about $200 trillion. But who’s counting? Certainly not the president!

 

It long has been obvious that the American political system is biased toward spending. (Actually, looting would be the more accurate term, but such honesty is frowned upon in Washington.) Public choice economics explains how government agencies have interests and why spending lobbies so often prevail over the public. Congress demonstrates a “culture of spending” in which members tend to back higher expenditures the longer they serve. Washington culture richly rewards legislators for “growing” in office and joining the bipartisan Big Government coalition. In particular, the famed “revolving door” provides lavish financial rewards for those who ally with well-heeled special interest groups.

[Cyber_Liberty]

What fight? We already know how Boehner and McConnell will stand up to the Dems. The only fight will be over what crying couch they'll share.