Home > American Racket. Debt Deregulation, Bubbles, Bailouts and GoldplatedLies > The Debt Crisis, How We Got Into It & Who Should Pay

The Debt Crisis, How We Got Into It & Who Should Pay

Today as the President is speaking about our debt crisis I have been doing some reading on the subject and have some links to share.  First we have an editorial from  TheNew York Times that looks at the root cause of our current problem. Then we have a proposal from a group called Tax Payer ForCommon Sense with a fairly conservative plan to reduce the military budget by five hundred billion dollars. And finally we have a video interview where Wolf Blitzer proves once again that he is an idiot and Bernie Sanders shows once again that he stands for the people.

How the Deficit Got This Big
By TERESA TRITCH
Published: July 23, 2011
“With President Obama and Republican leaders calling for cutting the budget by trillions over the next 10 years, it is worth asking how we got here — from healthy surpluses at the end of the Clinton era, and the promise of future surpluses, to nine straight years of deficits, including the $1.3 trillion shortfall in 2010. The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions.
Despite what antigovernment conservatives say, non-defense discretionary spending on areas like foreign aid, education and food safety was not a driving factor in creating the deficits. In fact, such spending, accounting for only 15 percent of the budget, has been basically flat as a share of the economy for decades. Cutting it simply will not fill the deficit hole.

To read the entire editorial click here.

Spending Less, Spending Smarter: Recommendations for National Security Savings FY 2012 to FY 2021
For Immediate Release:
July 21, 2011

Contact:
Joe Newman, Project On Government Oversight, at (202) 347-1122 or jnewman@pogo.org
Steve Ellis, Taxpayers for Common Sense, at (202) 546-8500 ext. 126 or steve@taxpayer.net

Watchdog Groups Identify Nearly $600 Billion in National Security Spending Cuts

WASHINGTON, D.C.—The federal government could save $586 billion over the next 10 years by cutting unneeded weapons, reining in out-of-control private contracts, reforming the military health care system and reducing the number of U.S. troops in Europe, under a set of proposed spending cuts identified today by the Project On Government Oversight (POGO) and Taxpayers for Common Sense.

While the Senate’s Gang of Six has proposed a substantial cut in defense spending, their plan lacks specifics. The proposals by POGO and Taxpayers for Common Sense provide a detailed blueprint on how to achieve the savings.

The report released by the watchdog groups reduces the deficit by targeting weapons that even the Pentagon says it doesn’t need or want. The plan also singles out the expense of paying private contractors to perform tasks that federal employees could do just as effectively and at a lower cost. Reducing service contracts by 15 percent could save $373 billion over the next 10 years.

“We’re giving Congress and President Obama a roadmap on where to start,” POGO Executive Director Danielle Brian said. “These are realistic targets and don’t include the far more significant long-term impact of imposing enhanced administration and oversight of national security spending and contracting.”
To examine the full report click here.

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: