That’s a paraphrase, but it’s essentially what Treasury Secretary and noted tax-cheat Timmy Geithner said to House Budget Committee chairman Paul Ryan in testimony. James Pethokoukis of The Enterprise Blog provides the details:
Testifying before the House Budget Committee today, U.S. Treasury Secretary Tim Geithner told Chairman Paul Ryan the following: “We’re not coming before you to say we have a definitive solution to that long-term problem. What we do know is we don’t like yours.”
Actually, President Obama sort of did have a definitive solution. He created a debt commission, which devised a long-term debt reduction plan. Which the president rejected. And instead, we get this new budget proposal, which makes no effort to deal with Medicare, Medicaid, and Social Security—the long-term drivers of U.S. federal debt. The debt curve never gets bent, as the above White House (!) chart shows. (Yes, the chart comes from the White House’s Office of Management and Budget.) It just goes up and up and up—until the heat death of the universe or the economy is struck by a Greek-style debt crisis.
Here’s what the bipartisan Committee for a Responsible Federal Budget says about the president’s plan:
Over the long-term, the President’s budget would not constrain rising debt, as retirement and health care costs continue growing faster than the economy. According to the Administration’s own estimates, debt would grow as a share of the economy past 2022 exceeding 93 percent by 2035 and nearly 125 percent by 2050. These levels would be both economically constraining and ultimately unsustainable.
The post also includes two charts: one, a frightening picture of the U.S debt as a percentage of GDP is things continue as Obama has proposed, and
the other, a view of the future if we inject a little sanity into the budget, with Paul Ryan’s “Path to Prosperity:”
Since Wile E. Obama and his ACME Economic Destruction Co cohorts have no intention of trying to reduce the size of government or even produce a budget (1000+ days and counting without one), our best bet would be to vote the whole lot of them out in November. The only question is how much damage will be done by January 2013 with these guys running the show?
Read the rest at The Enterprise Blog
