It sounds almost quaint these days to recall former independent presidential candidate Ross Perot, who warned in 1992 how catastrophic it would be if “our children” were to inherit a $4 trillion debt.
If only. The nation’s debt is more than four times that now, closing in on $17 trillion and climbing. And that doesn’t count the unfunded liabilities for Medicare, Social Security and federal employee retirement benefits. Estimates of the nation’s true debt range somewhere between $87 trillion and $123 trillion.
The nonpartisan Concord Coalition, citing data models from the Government Accountability Office, found that by 2027, Social Security, Medicare, Medicaid and net interest would consume all revenues collected by the federal government.
Yet the unending mantra from the left is that everything would be fine, and government could do even more for the “most vulnerable” and the middle class if the rich would only pay their “fair share.”
With numbers like that, it is clear that the government could confiscate 100 percent of the assets of every “millionaire” (defined by the president as making $250,000 or more), and it would not even make a dent in that debt. Then, once the rich are broke, where would the next infusion of cash come from?
That’s what true leaders – the kind Obama spoke of when he was a senator – would be talking about. Instead, the White House and its enablers feed television stations stories about how little Susie could get her cancer treatments started again if only those mean Republicans would end the government shutdown.
Taylor Armerding is an independent columnist. Contact him at email@example.com