If you’ve got the money, honey…

Maybe that should be the new national anthem.

At first glance, it seems like a near hopeless cause to reduce government spending.  Look a little deeper.

First, Congress should put a lid on it. A spending cap would at least give revenue a chance to catch up.  One area that is looming in the shadows is the interest on the national debt.  Currently, we spend 7% of our total tax revenue just to pay the interest, but many of us remember the Jimmy Carter era when interest rates soared beyond 20%.  When (not if… when) interest rates begin to rise, it will put the national budget in a tailspin.  A wise Congress would make provision for that eventuality.  Unfortunately, wise does not describe the current Congress.

I am also reminded that Social Security (24.3% of the budget) was sold to taxpayers as a self-supporting program.  Congress spent the money.  Efforts to transform the program have been unwelcome in the halls of Congress.  Nearly one fourth of our current budget goes to fund a program that Congress has transformed into an upside-down program.  Unless the (Republican controlled) Congress takes action, Social Security will continue to be an ever-growing drain on tax dollars.  A wise Congress would transform Social Security into a self-supporting system.  Unfortunately, wise does not describe the current Congress.

“Income security and other benefits” consumes nearly 20% of the dollars.  That is a broad category.  It includes things like sending a check at tax time to those who have paid no taxes.   A wise Congress would do something to reduce and end many of these subsidies.  Unfortunately, wise does not describe the current Congress.

Wouldn’t it be interesting to see SOMEONE introduce a bill that would require Congress to reduce spending by 5% each year for the next five years?  Nearly one third of our budget woes would be solved if we eliminated the Federal debt, thus the interest thereon, and fixed Social Security.

Unfortunately, they are too busy taking the budget in the other direction.

* The spending chart comes from the Heritage Foundation.

***Gordon Howie is an author and CEO of Life and Liberty Media***

     “It’s not about right or left, it’s about Right or Wrong.”

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