It’s a sad day for the US: the federal debt topped $15 trillion today for the first time in our history.
The 12 member Congressional “Super Committee”, which is tasked with finding $1.2 trillion in deficit reduction, is reportedly not going to have an agreement by their November 23 deadline. If they cannot complete their task, a mandated set of spending cuts are supposed to be implemented. Of course, Congress can change their own rules, and most analysts don’t think they will allow those cuts to the military and entitlements to take effect.
Why the Super Committee cannot find a paltry $1.2 trillion is a mystery. Other groups have proposed a number of plans which save far more.
*Today Senator Rand Paul was interviewed on FOX News’ “Your World with Neil Cavuto” and said that if all the government did was freeze spending for 10 years, there would be a savings of $9 trillion.
*The Bowles-Simpson Debt Commission (appointed and then ignored by President Obama) recommended a number of specific cuts and changes, including raising the Social Security retirement age and restructuring the federal tax code. Just following their suggestion to cut Congressional pensions, earmarks and Air Force One would cut 8% from the federal budget.
*A Government Accounting Office report in March found $200 billion in savings just from eliminating redundant government programs.
Something must be done NOW! We must continue to remind our Congressional representatives that we hold them responsible for the sad state of the US economy.