Better to take a haircut now
POSTED: Monday, February 14, 2011 - 6:42pm
UPDATED: Wednesday, February 16, 2011 - 2:40pm
How troubling to read this headline today in the Washington Times. President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years' time.
Okay, let's slow things down.
President obama says Back in the 90s our debt was only 3 trillion.
Then, we went nuts spending. And this includes when republicans were in charge and George W. Bush was sitting in the big chair.
Now look where we are.
We know what happened this past election and this election was about spending.
But now that it's over, many Republicans-- which is usually the party of slow down spending-- are back in D.C. making token cuts to the debt like- let's cut 31 billion.
Senator Rand Paul makes the best case of wanting to cut 500 billion and that had most Dems and some Republicans screaming.
But even if we cut 500 billion, more than 80% of what we owe remains.
It all boils down to this, the new Tea Party folks are in D.C and I know its tempting.
The lobbyist are all out with the shrimp and meatball appetizers.
But it's up to these people who went to D.C. to shut this spending down to stand firm.
As I hear one conservative say this past weekend, we are going to take a financial haircut. We are going to have to pay for this.
I'd rather make the tough cuts right now and do it they way we want to do it, than take
the haircut later on which would come from the economy.