The President has issued his budget proposal. As usual, the Democrats have dismissed it as cruel and unusual punishment. Ignoring the fiscal calamity that is before us, they insist that nothing be cut, except for our national security, and everything else be increased. Entitlements have long been identified as the elephant in the room but neither party in their quest for power is willing to do what must be done. That is, revise benefits and raise revenue for those programs.
According to the WSJ, “Defense spending is about 3% of the economy, down from 6% in 1986. That compares to 15% of GDP in 2017 for “payments for individuals,” such as transfer programs like Medicare and food stamps, up from 6.2% in 1970 and 11.7% in 2005.” This reversal of where federal dollars are being spent is very telling. While the Constitution says the primary role of the federal government is the security of our nation, we have allowed the “promotion of the general welfare” to be the foremost mission of the political class that includes both political parties.
The soaring debt caused by unabated spending has resulted in critical financial distress. In 2018, interest payments on our federal debt were $523,017,301,446.12 (https://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm). While the arguments continue over where to spend money, the real issue is what money? Continued financing of spending through debt will ultimately lead to even more difficult decisions of where to spend the money. It won’t be guns or butter but neither.
Current Day Publius 