Insanely sane Henningers’ wonderland at WSJ June 30

“The nation’s total debt, now $14.29 trillion, is the cumulative result of budget deficits extending back at least 30 years. Republicans blame all this on “out-of-control spending.” No, that debt is the product of our politics—of open elections and successive Congresses and presidencies, some of them Republican, sifting through all sorts of public wants, such as subsidized medical care for the elderly. Running alongside, the American people went to work every day and produced the tax revenue that enabled these wants to become history’s biggest public budget”

Attaboy Danny boy: you can make sense, totally. Why not make it a habit?? Im amazed!!!!

“The debt-limit debate has made explicit that the Democrats will address whatever debt and deficit concerns are agitating the public by matching an upward spending curve with a steadily rising stream of tax revenue. The Obama budgets have pushed spending to 24% of the nation’s total output. The party’s economists argue this is “normal” given the entitlement commitments to retiring baby boomers. This is what America wanted, they say. We gotta pay for it. A proposal this week by Sens. Joe Lieberman and Tom Coburn to cut Medicare spending by $600 billion—over 10 years—was virtually laughed out of the room by Harry Reid and Nancy Pelosi.What’s ultimately at stake here may be found in the dry pages of the Congressional Budget Office’s Long-Term Budget Outlook released this month. From 2022 through 2085, CBO projects annual GDP growth of 2.2%, and growth in real earnings per worker of 1.4%. For 63 years! In short: We become Europe. To seal the Faustian entitlement bargain, we eventually cave and consent to higher taxes to “pay for” what we said we wanted through the politics of past decades. We concede the economic and eventually the military future to Asia. We entertain ourselves, like any slow-growth nation, by watching unemployed youth riot in the streets. Or we vote not to do it. Given the stakes, any GOP presidential candidate who tries to pocket the nomination with no more argument than that the economy is all Obama’s fault should be defeated. People are looking for a path forward, not some Republican version of hope and change. The $14.2 trillion debt limit began as a Treasury technicality. It is now a metaphor for the 2012 election”


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