Diary

Debt, Deficits, and Democrats

Republican Representative Jim Jordan, who chairs the Republican Study Committee, rolled out a bold plan on Thursday that calls for a whopping $2.5 Trillion in Federal spending cuts over the next ten years. The unveiling of that proposal sent Democrats into a tizzy, threw the MSM into hysterical laughter, and even had some on the Right questioning the sanity of Rep. Jordan and his committee members.

But before anybody goes all goo-goo-eyed or feels a fainting spell coming on over the seemingly-unfathomable magnitude of the proposed cuts, some perspective is in order here.

Since President HopeyChange came riding into town two years ago, and with Nancy Pelosi appointed guardian of the national piggybank, a new benchmark has been set for Federal spending. The bar has been raised. So any serious discussion about spending cuts and deficit reduction must be in the context of the new baseline established by the Democrats. Stated another way, when politicians propose to “cut the deficit”, the depth of the cuts should be compared to current deficit spending levels to have any real analytical value.

In the last two years, the big-spending Democrats have produced roughly three trillion dollars in deficits. Extrapolating that run-rate forward over ten years would add another Fifteen Trillion Dollars to the accumulated National Debt bringing the total debt to a heart-stopping, mind-numbing Thirty Trillion Dollars by 2021 – give or take a few tril.

So the proposed GOP spending cuts of $2.5 Trillion over ten years – however noble, courageous, and much needed –  doesn’t seem so huge now, huh? One has to wonder if there is anybody in Washington who fully understands – I mean really comprehends – the depth of the hole they and their predecessors have dug and the catastrophic consequences that are coming.

When the President addresses the nation next week, we can be sure the subject of deficit reduction will scroll up on his teleprompter. We can expect him to announce spending cuts that will reduce the deficit by xxxx dollars over ten years amid the rousing cheers of Democrats jumping out of their seats. We will see the MSM showering Obama with glorious praise for his unwavering commitment and determination to get this nation’s fiscal house in order. A real deficit hawk, that Obama. Praise Be the One.

What we won’t hear is that Obama and the Dems will be touting deficit reductions relative to their own jacked-up spending levels that have us on a trajectory to accumulate $15 Trillion in new debt over ten years. Imagine a man who has maintained a constant weight of 160 lbs his entire adult life, goes on a two-year eating binge to push his weight to 300 lbs, then rejoices with glee after shedding 30 pounds and convinces his wife he is a health-conscious, trim and fit man.

Unveiling the GOP plan just a few days before Obama’s SOTU address was a good political strategy. I can almost hear Rep. Jordan mumbling under his breath now “Ok, Mr. President – let’s see you top that.”