If you read only one thing about how just out-of-control government spending has gotten and why it’s so difficult to actually make real, meaningful budge cuts, read Rand Paul’s floor speech from yesterday!
Here’s the video:
You can read the full transcript on Senator Paul’s web site… Here’s an excerpt:
We are discussing and debating two different alternatives, one from the other side of the aisle and one from our side, about what we should do about the budget deficit.
We have projected a $1.65 trillion deficit in the next year.
I think both alternatives are inadequate and do not significantly alter or change our course. On the Democrat side, we have a proposal to cut about $5 billion to $6 billion for the rest of the year. To put that in perspective, we borrow $4 billion a day.
So the other side is offering up cuts equal to one day’s borrowing.
I think it’s insignificant and it will not alter the coming and looming debt crisis that we face.
Now, on our side of the aisle, I think we have done more, the cuts are more significant, but they also pale in comparison to the problem.
If we were to adopt the president’s approach, we would have $1.65 trillion deficit in one year. If we were to adopt our approach, we’re going to have a $1.55 trillion deficit in one year. I think both approaches do not significantly alter or delay the crisis that’s coming.
Now, it’s interesting when we talk about cuts, everybody seems to be giddy around here, saying this is the first time we have talked about cuts.
Well, it is better and it sounds good, but guess what? We’re not even really cutting spending. What we’re talking about is cutting the rate of increase of spending. The base line of spending is going to go up 7.3 % according to the CBO.
We’re talking about reducing that increase to 6.7% increase. We’re talking about cutting the rate of increase of government. The problem is it’s not enough.
Our deficit is growing by leaps and bounds. Our national debt is $14 trillion. Our national debt is now equal to our entire economy. Our gross domestic product equals our national debt.
I disagree with Senator Paul on a few things but he’s spot on here… They’re not serious about making real spending cuts, instead congress is dragging the country through this wrenching kabuki theater while they’re tugging at the fringes of the deficit… They’re tying this country in knots fighting over tens of billion dollars when hundreds of billions in spending cuts are what’s needed.