Remember, a long time ago – a full 6 years! – when we had a budget surplus, and were looking at making real progress towards reducing our country’s debt? Boy, those were the days of milk and honey. But no more:
“The picture I will lay out for you today is not a pretty one and it?s getting worse with the passage of time,” said David M. Walker, Comptroller General of the United States, in a Thursday morning hearing of the Senate’s Budget Committee. “Continuing on our current fiscal path would gradually erode, if not suddenly damage, our economy, our standard of living, and ultimately even our domestic tranquility and our national security,” he warned.
Boy, those Republicans and their “fiscal responsibility”. What would we ever do without them?
The head of the GAO also warned that if no action is taken now to control government spending, severe tax hikes could be necessary. He stated that, “balancing the budget in 2040 could require actions as large as cutting total federal spending by 60 percent or raising federal taxes to 2 times today?s level.”
Reuters, the only major news agency to offer coverage of Thursday’s hearing, said that Walker saw the need for greater tax hikes in the interim, too. A Thursday evening dispatch reported, “Asked what level U.S. taxes revenues should be at, Walker said, “I can’t tell you an exact number … but more than 18.2 percent (of GDP), but below 25 percent.””
Clinton had finally gotten Reagan’s out-of-control freight train under control, when Bush cut the air lines. When are we going to learn that modern Republicans have no credibility when it comes to fiscal responsibility? Hell, they don’t even want our government – the government of the people – to succeed. This is active sabotage against the best interests of the citizenry.