Last week, Senator John Kerry (D.-Mass) was unhappy with a Republican plan to cut as much as $61 billion out of the federal budget. “I think it’s an ideological, extremist, reckless statement,”Kerry said of the plan.
I hadn’t kept up on all the numbers recently, so I took a look at President Obama’s 2011 budget. My shock at the numbers was matched only by my shock that even Kerry could say something that demented.
The fiscal situation America now faces is unutterably appalling. I don’t want to bury you in numbers, so I’ll just mention a few, rounding out to the nearest hundred-billion.
First, the deficit is not just a few percentage points in the budget. Fully a third of all spending is now on borrowed money—that is, $1.3 trillion out of 3.8 trillion. That would be like spending $100,000 a year on a salary of $67,000.Details