There has been some quibbling over the future of the national debt. The Obama administration contends that proposed spending for the next 10 years will add $7 trillion (with a T) to our fiscal burden. The Congressional Budget Office estimates the Obama budget would tack on $9.3 trillion.
At his news conference last week, President Obama said two things that deserve closer scrutiny:
This is how the nation's budget is compiled: Pick a figure, come up with a spending plan and assume the deficits will be enormous.
That's the tragedy of the federal government today. Most of us hear "trillion" without having any grasp of how much that is. And when a trillion increases by a factor of 10, the total is staggering.
So, $7 trillion or $9.3 trillion: What is it about the folks in Washington who think either of those stupendous amounts is good for the future of our nation?
The debate isn't about which figure is correct. In fact, both figures are potshots at prognostication. The real debate is about the scope of federal spending and the monumental changes in federal governance that are being proposed by the Obama administration and supported by a compliant Democratic majority in Congress.
At what point does the weight of deficits sink the ship of state?
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