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Stop the Fiscal War Against Our Children: Now


Democracy and Power 106:  A politician receives no financial gain for good policy or punishment for bad policy

It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong. – Thomas Sowell


Stop the Fiscal War Against Our Children:  Now

While politicians preen and posture, the catastrophic debt continues to explode. Laurence Kotlikoff, of Boston University, has consistently warned about deficits, debt and America’s future.  [Read:]  On Bloomberg, Kotlikoff explains that if Congress and the President balanced this year’s budget, the infinite fiscal gap will still rise by $5 trillion.

What accounts for the extra $5.15 trillion? In part, the CBO is now projecting somewhat smaller future taxes. But the main reason is that we are one year closer to having to pay 78 million baby boomers roughly $40,000, on average, per year in Social Security, Medicare and Medicaid benefits. Because the fiscal gap is a discounted present value, one year makes a big difference.

First, President Obama used demagoguery with Rep. Ryan’s Road Map to Prosperity and floated trial balloons proposing to tax corporate jets and millionaires.   Now, he wants a “grand bargain,” which includes $2trillion in new taxes.

Even complicit Obama worshipers are aghast.  Gloria Borger of CNN ridiculed Obama’s recent press conference:

What might actually have counted as news is if the president, as the nation's leader, had proposed a definitive way out of the budget mess -- or at least drawn some lines in the sand.

Instead, we learned that we need a "balanced approach" to the debt mess. That Obama is willing to "tackle entitlements" (presuming, of course, that nothing is done to touch Medicare beneficiaries). And that taxes -- the kinds that affect "millionaires and billionaires," corporate titans and their personal jets -- should be on the table.

Dangerously, the President and the Democrats have failed to offer any viable solutions to the debt crisis.  The Senate Democrats have not passed a budget in two years.  In recent years, the Republicans have been equally guilty and have greatly contributed to the debt crisis.

What is different is that many American citizens know there is a crisis.  Americans sense that our cherished democracy has been hijacked by irresponsible power-mongers that bask in the instant gratification of prestige and importance.  Spontaneously, concerned Americans have ignited the Tea Party campaigns and the independent voter.    Americans are shrieking, “Stop this destruction of the greatest political system devised.”

Only enforceable, structural reform can prevent this abuse of political power.  Americas must support Rep. Ryan and other serious politicians who are demanding Cut, Cap and Balance.  Only strong structural restraints can restore democracy, prosperity and freedom.