Saturday, April 13, 2013

Can anyone present a budget that cuts spending?



President Obama and the Senate Democrats finally have a budget.  However, it looks to me like just a lot of "cut and paste". 

In other words, will we ever see a brave politician who actually proposes a cut in government spending?  I mean real spending cuts not cuts in increases.

This is critical because our debt is on a path to hit 78% of GDP in 2014.
 
The problem with debt is that it comes with interest expenses.   The second problem is that interest expense eats up your cash flow and there is nothing left to pay the other stuff.

Greece may have the luxury to go broke but the US, the world's only superpower, can not shut down our Navy or Air Force.  We must continue to patrol the world's oceans and air or this planet is going turn into a very nasty place to inhabit.
 
Yes, our debt is a national security problem.  
 
We've been lucky because interest rates are so low that debt service has not  hit us between the eyes.  Also, we are still the most attractive place in the world to invest in.  People all over are still willing to buy dollar bonds and continue funding our spending habits.

Our luck is going to run out.  We are not immune from reality.

They say in baseball that "walks" will kill you.  In the world of finance, debt service will kill  you too.

It continues to amaze that there is not a politician willing to make the case that we have a spending problem, i.e. we are simply doing too much for the citizens under the guise of compassion.

It's time for our generation to pay our way or stop signing promissory notes that commit our kids to a future bogged down in debt and lackluster growith.  

I don't think that it's moral to pass on these debts. 

Wanted:  A president who will tell us what we need to hear rather than a bunch of poll-tested "hope and change" speeches. 

Click here for Saturday's job:


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18%: Will Democrats call on Obama to pay his fair share?

remember when the Democrats used to beat up Gov Romney because he paid 14% income taxes?   

Well, we just learned today that Pres BO is in the same tax bracket:

"Today, the President released his 2012 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $608,611. The Obamas paid $112,214 in total tax. 

The President and First Lady also reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation.
The President’s effective federal income tax rate is 18.4 percent."

Everything is legal but this is about hypocrisy.  Yes, the Obama reelection persuaded voters that Romney was a rich white guy who did not pay his fair share.  I guess that we learned on Friday that Obama is a rich black guy who does not pay his "fair share" either.

 Click here for the Friday show:


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