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Archive for Monday, July 12, 2010

National debt panel leaders paint gloomy picture

July 12, 2010

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— The heads of President Barack Obama’s national debt commission painted a gloomy picture Sunday as the United States struggles to get its spending under control.

Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered — including curtailing popular tax breaks, such as the home mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage.

The nation’s total federal debt next year is expected to exceed $14 trillion — about $47,000 for every U.S. resident.

“This debt is like a cancer,” Bowles said in a sober presentation nonetheless lightened by humorous asides between him and Simpson. “It is truly going to destroy the country from within.”

Simpson said the entirety of the nation’s current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs.

Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt.

Comments

Mixolydian 3 years, 9 months ago

And Obama, Pelosi and Reid's solution is to mount even more debt at a dizzying rate that even Bush couldn't match.

God help us. 2010 and 2012 cannot come soon enough.

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