Thursday, October 29, 2009

Ryan on Deficits

Representatives Paul Ryan and Jeb Hensarling discuss our budget situation in the Washington Times, and it's not pretty:
More troubling is the long-term budget outlook, as the nation begins to see the front edge of an entitlement crisis. In the long run, current federal policies are likely to produce $62 trillion in unfunded liabilities, according to estimates by the Government Accountability Office. These long-term problems threaten both the beneficiaries dependent on federal programs and the entire U.S. economy.
They argue that reforming the process is critical to putting our fiscal house back in order.  To that end they propose a number of reforms including giving the budget the force of law and creating and enforcing limits on spending and deficits.

The spending that has characterized the Obama administration has many thinking twice about deficits and the future.  While 2010 may still be near enough to the financial crisis to make deficits seem like the lesser evil.  As we move to 2012 and beyond it is possible that our recent experience will make talk of deficits and a willingness to take a firm stand against runaway spending a much more prominent part of our political discourse.

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