Title: Eric Cantor Can't Explain How Republicans Will Pay for the Bush Tax Cuts Source:
Crooks and Liars URL Source:http://videocafe.crooksandliars.com ... cant-explain-how-republicans-w Published:Nov 3, 2010 Author:Crooks and Liars Post Date:2010-11-03 15:35:58 by go65 Keywords:None Views:7668 Comments:33
Rep. Eric Cantor can't explain to either Rachel Maddow or Lawrence O'Donnell what the Republicans would cut to balance the budget and pay for the Bush tax cuts he wants to see extended other than to say they're going to reduce "discretionary spending to '08 levels".
He didn't seem to happy with Lawrence O'Donnell pushing him about how he and John Boehner were going to respond when they get forced to either face the wrath of the "tea party", a.k.a. their right wing base when they're forced to make the choice between raising the debt ceiling or crashing the economy.
So what are they going to cut? We'll find out shortly......
Our debt, near as I can tell, is about $120,000,000,000,000.00. That is, about $120 TRILLION. Our debt to China, in comparison, is only about $3T, or 2.5% of the total debt. The rest of it consists of the following:
Social security: $17,500,000,000,000; $17.5 trillion; Medicare Part A $36,700,000,000,000; $36.7 trillion; Medicare Part B: $37,000,000,000,000.00 underfunded; $37 trillion; Medicare Part D: $15,600,000,000,000; $15.6 trillion, Government and military pensions: $2,000,000,000,000; $2 trillion.
Like the typical socialist, you're always running around with your hand out, looking for a "gimme." (To that, my answer is "grow a SPINE, you pathetic invertebrate!")
As detailed above, the vast majority of debt consists of promises to those who want the nanny-state to take care of them. Guess what? It's not the government's JOB to wipe your ass. It's YOUR job to set up your own savings, retirement, and to work with your family network, like most other civilized countries do... In other words, the government is not in the business of replacing your familial responsibilities. Those responsibilities are YOURS, so it's time for you to step up.
To the question of what to do about all that debt, there are only two options out of our current predicament:
Default on all national debt, or print into hyperinflation.
Either way, all the people that are relying on the nanny-state instead of their own brains for survival, are SCREWED.
So, pick your poison... Hyperinflation or default?
Or, cut spending below revenues so you run a surplus and then pay down the debt - see "The United States" around 1999-2000.
Your reading comprehension is pathetic. Existing debts include
Social security: $17,500,000,000,000; $17.5 trillion; Medicare Part A $36,700,000,000,000; $36.7 trillion; Medicare Part B: $37,000,000,000,000.00 underfunded; $37 trillion; Medicare Part D: $15,600,000,000,000; $15.6 trillion, Government and military pensions: $2,000,000,000,000; $2 trillion.
The politicians have been making promises that THEY can't keep, and are now expecting US to keep... Saddling us with debt we can NEVER repay...
As to "cutting spending below revenue," read the following, and explain to me how your idea matches with reality:
According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009. But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP. If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books.
I have a wife and two daughters. I don't have an extra $1,558,440 to simply give to the government, for them to balance their books. Do YOU?
And if your answer is yes, then why don't you volunteer to pay for MY debt? After all, your side has always been quite "liberal" with MY money, so why not be generous and be liberal with your own money? Oh, you don't HAVE that much? Welcome to the CLUB, bubba...
