Submitted By Todd on July 12th at 9:19pm
America is going broke says Obama's guy - Democrat Erskine Bowles, head of the president's debt commission.
The co-chairmen of President Obama's debt and deficit commission offered an ominous assessment of the nation's fiscal future here Sunday, calling current budgetary trends a cancer "that will destroy the country from within" unless checked by tough action in Washington.Former California Senator Alan Simpson co-chairs the 18 person panel.
The commission leaders said that, at present, federal revenue is fully consumed by three programs: Social Security, Medicare and Medicaid. "The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans -- the whole rest of the discretionary budget is being financed by China and other countries," Simpson said.The media will act shocked over this bad news coming from Obama's commission, which leads me to believe that the president wants to bad news out there - to pave the road to higher taxes.
"We can't grow our way out of this," Bowles said. "We could have decades of double-digit growth and not grow our way out of this enormous debt problem. We can't tax our way out. . . . The reality is we've got to do exactly what you all do every day as governors. We've got to cut spending or increase revenues or do some combination of that."