House warned on rise in debt
GAO chief says current spending path
won't work
Thursday, March 10, 2005
By Maeve Reston, Post-Gazette
National Bureau
WASHINGTON -- U.S. Comptroller General David M. Walker warned members of Congress yesterday that government spending is on an unsustainable path and that Social Security's financial problems made up only a fraction of the spending headaches Congress will face in coming years.
During the House Ways and Means Committee's first hearing on Social Security this year, Walker reminded members that while they are struggling to find a way to make up Social Security's $3.7 trillion shortfall, Medicare's is facing a shortfall that will be about eight times larger at $28 trillion.
The government is so deeply in debt, Walker said, that if spending rises at the pace of the growth of the economy and if the president's tax cuts are extended, the money coming into the Treasury in 2040 might only be enough to pay interest on the money the government is borrowing to pay for its programs.
"We are on an imprudent path," said Walker, who heads the nonpartisan Government Accountability Office. "The government has no money. The government owes money."
... [ full article ]
Don't be fooled into thinking this situation is accidental. Massive deficit spending coupled with tax cuts for the wealthy is part of a plan to destroy the government of the United States. Bush is part of the cabal of free market maniacs who are out to steal the resources of the whole world.
To understand what Bush/Republican policies are aiming for we can look to the activities of the World Bank and IMF, who's leaders are also member of the cabal of free market maniacs. Time after time the World Bank and IMF have lent money to less developed countries knowing the money was being spent badly. Then when the poorly designed development projects came to nothing and all the money had disappeared, they forced the governments to cut social spending to nothing and sell off the nations assets at fire-sale prices.
If this cabal of free market maniacs isn't stopped, that is where they will take the United States. Tax cuts for the wealthy, massive deficit spending and Privatizing Social Security are just steps in bankrupting the U.S.. If allowed to carry out their plan; once the U.S. government is bankrupted, Republicans will begin demanding not only an end to ALL social programs but also the liquidation of assets to raise money to pay on the national debt. That would mean selling off inter-state hiways and bridges, auctioning of federal buildings and public lands. Our national forests and national parks would go on the auctions block.
And who will be the buyers? For the answer, just look to who's accumulating cash because of big tax cuts.
