Have you ever read the Parade magazine that comes in the Sunday newspapers?
The July 4, 2010 edition contained an article by Steven Beschloss and Janet Kinosian in the IntelligenceReport section entitled, “Can These Men Fix the Deficit?”. Because this is a critical topic to every American, let’s take a minute to understand what they are saying here.
Appointed by President Barack Obama to the National Commission on Fiscal Responsibility and Reform, Erskine Bowles and Alan Simpson were interviewed for the article about their appointment and what they are expected to accomplish. According to Erskine Bowles, former White House Chief of Staff, he and Simpson have two charges:
- Reduce the deficit by $240 billion per year by 2015 (which is five years away), and
- Deal with entitlements for the long-term fiscal health of the country.
Let me get this right … Federal Reserve Chairman Ben Bernanke has said that the federal deficit is on an “unsustainable path”, and the 2011 Federal Budget contains $4,386 Billion in expected spending for 2015, but the President only wants to save $240 Billion?? That is only 5.47% in savings, which is equivalent to NOTHING if we are on an “unsustainable path” today and really need to correct that path. Obviously, President Obama has created the Commission for “show purposes” rather than to seriously address the problem before us.
Here is a simple idea – – ROLL BACK FEDERAL SPENDING TO 2006 LEVELS! Why not? The U.S. Government spent $2,655 Billion in 2006. In 2011, Obama currently expects to spend $3,834 Billion and bring in receipts of $2,567 Billion (taxes, customs fees, etc.). Rolling back spending to the Federal Budget of only four years ago would reduce the deficit from the $1,267 Billion budgeted today to a mere $88 Billion, for a savings of $1,179 Billion in one year.
Even if spending was rolled back to the Federal Budget of 2008 (just before Obama took office), the $2,902 Billion of expenditures would be $900 Billion less than he is proposing. Why not start there for the 2011 Federal Budget and not wait until 2015 for Bowles and Simpson?