Is Washington Bankrupting America?
Uploaded by BankruptingAmerica on Apr 20, 2010
Be first to receive our videos and other timely info about economic policy. Subscribe at http://www.bankruptingamerica.org
According to a recent poll, 74 percent of likely voters are extremely or very concerned about the current level of government spending. And 58 percent think the level of spending is unsustainable.
Is the public right? Is Washington bankrupting America? Some facts from the video:
Spending per household has risen over 40 percent in the last 10 years and is set to do so again in the next 10 pushing debt (and interest on the debt) to unprecedented levels. But that’s just a result of PAST spending…
Our government owes $106 trillion in FUTURE spending commitments – that cannot be paid for.
We can solve it, but politicians will have to make tough choices. Increasing taxes can’t do the trick ($106 trillion is equivalent to taking all of the taxable income from every American nine times over), nor is it fair to saddle taxpayers with a problem created by government irresponsibility.
We need real spending reform. Merely returning to the spending per household levels of the 1990s would balance the budget in three years.
I wish we would eliminate several departments of the federal government and in the process get back to vision of founders. That is what the GOP Platform has done in 2012. Take a look at this article below by Dan Mitchell of the Cato Institute.
August 30, 2012 by Dan Mitchell
I wish the Republican Platform was binding.
Why? Because the GOP, for all intents and purposes, has just proposed to eliminate the Department of Education, the Department of Housing and Urban Development, the Department of Energy, the Department of Agriculture, the Department of Transportation, the Department of Health and Human Services, along with a host of other government programs, agencies, and departments.
More specifically, they endorsed the 10th Amendment to the U.S. Constitution, which means they put themselves on record in favor of getting rid of all federal spending and intervention that is inconsistent with the Founding Fathers’ vision of a limited central government.
Here’s some of the story, as reported by The Hill,
All federal spending should be reviewed to ensure powers reserved for the states are not given to the federal government, according to the GOP platform approved Tuesday. The platform language is meant to ensure all federal spending meets the requirements of the 10th amendment, which prohibits state powers from being given to the feds. “We support the review and examination of all federal agencies to eliminate wasteful spending, operational inefficiencies, or abuse of power to determine whether they are performing functions that are better performed by the States,” the platform reads. “These functions, as appropriate, should be returned to the States in accordance with the Tenth Amendment of the United States Constitution.”
For those of you who don’t have your Cato Institute pocket Constitutions handy, here’s what the 10th Amendment says.
The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.
In other words, the 10th Amendment is basically a back-up plan to re-emphasize that the federal government was prohibited from exercising power in any area other than what is specified in the enumerated powers section of Article I, Section VIII.
And if you look at those enumerated powers, that pretty much invalidates much of what happens in Washington.
That’s the good news. The bad news is that the Republican platform will have less impact on a potential Romney presidency than this blog. In other words, Republicans don’t intend to live up to this promise. Heck, they don’t even know that they have such a position. That’s why I included the asterisk in the title and must draw your attention to this fine print.
*Offer not good when GOP holds power.
But I suppose it’s good that they included this language in the platform, even if it’s merely empty political rhetoric
P.S. If they did abide by the 10th Amendment, it means that Obamacare also would be repealed.
P.P.S. Yes, this implies limits on democracy. Our Founding Fathers, contrary to E.J. Dionne’s superficial analysis, were opposed to untrammeled majoritarianism and wanted to make sure 51 percent of the people couldn’t vote to rape and pillage 49 percent of the people.