Baseball91's Weblog

August 7, 2008

To Give, Not to Count the Cost

Jeff Jacoby cited some fiscal facts today in the Boston Globe, in the wake of news this week where General Motors announced a $15 billion quarterly loss, in an environment where any corporation dependent on oil seemingly was headed for a fatal crash.   

Jeff Jacoby cited the increase in the Bush administration estimated budget deficit without the inclusion of the full cost of military operations in Iraq and Afghanistan or of the expected drop in tax collections, if the economy continues to worsen. The facts presented included a projected $389 billion deficit in the current fiscal year.  This was an increase of $226 billion more than last year’s deficit.  As critics in Congress have begun to criticize, Jacoby noted that a president cannot spend money unless Congress has made the appropriation.  The Democrats have had control of the two chambers over the past 19 months. 

Jacoby pointed out that a budget deficit was not the same thing as the national debt that was currently $9.6 trillion and climbing.  And ask some forclosed home owner about the cost of debt service.  To the US government, this debt service was projected to be nearly $250 billion this year, the fourth-largest item in the federal budget.  Forget about the coming Social Security crisis traveling with its partner Medicare.  Jeff Jacoby quotes McCain as one who promises to balance this budget, yet with a plan to have troops remain in Iraq and Afghanistan.  Obama rules out balancing the budget.  “The National Taxpayers Union Foundation, tallying the promises made by the presidential candidates, calculates that Obama’s ‘investments’ would cost taxpayers another $344 billion a year. McCain’s add up to an extra $68.5 billion.” 

In an unrelated matter, I listened at lunch as Tim Pawlenty, the governor of Minnesota, talked about candidates who work to “earn” a vote.   Somehow their was a disconnect in the language of politics with the real world of work and money.   

I was still looking for a candidate who lived by the first rule of holes.  (ED NOTE:  See July 26,2008.)  Maybe they are both so old they had forgotten.  But a twelve-year old knew that when you were in over your head, you stop digging.

POST SCRIPTS:    

If you like a good horror movie, don’t miss ‘I.O.U.S.A.’ a new documentary on the nation’s looming fiscal problems.

From the Milwaukee Journal Sentinel

Posted: Aug. 19, 2008

We don’t normally write about films, but today we’re making an exception. The real national debt is now a hefty $53 trillion – $175,000 for every person in the country.

“I.O.U.S.A.” is meant to scare you. As the Reuters news agency put it, this film “may be to the U.S. economy what ‘An Inconvenient Truth’ was to the environment.”

Go see “I.O.U.S.A.,” the new documentary on America‘s coming fiscal reckoning.

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1 Comment »

  1. Comment by baseball91 — October 22, 2016 @ 1:06 AM | Reply


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