In advance of today’s Treasury Statement at 2:00pm, Bankrupting America took a look back at how current deficits stack up to past years and previous administrations. The numbers paint a clear picture. It’s not a lack of revenue; Washington has a spending problem.
Rep. Jose Serrano (D-NY) said the IRS needs more funding, yet acting IRS Commissioner Danny Werfel said the solution is “not more money.”
Summer is the season for big budget blockbuster movies. Accordingly, Bankrupting America will review some of the latest and greatest budget busters in our new series, Debtflix as anticipation builds to the event of the summer: the debt ceiling. Between 2010 and 2012, the IRS spent $50 million on 220 conferences and a number of cheesy movies. What better way to kick off the season with an IRS marathon featuring the “Cupid Shuffle”?
More and more lawmakers in Washington are lining up to say we don’t have a spending problem and are ready to defend their massive deficits that add trillions to the debt. Washington can keep telling themselves spending isn’t a problem all they want, but everyone else knows it’s time for an intervention.
With four days to go until sequestration begins to take effect, news outlets are all asking the same question: “Are you telling me we can’t cut three cents out of a hundred in federal spending? Really? Really?!”
Y2K, the Mayan apocalypse …both are overblown doomsday scenarios that never quite panned out. Sequestration is just weeks away, and Washington has reverted to painting Americans a picture of the crisis that awaits them on the other side. However, if a three percent cut from the federal budget is all that stands between our economy and catastrophe, why won’t Washington offset the cuts and sidestep this crisis?
Some deny the U.S. has a spending problem, and others are absolutely, positively sure the debt going to take us under, but there is one thing they can all agree on: It’s time for a week-long break. The sequester spending cuts will take effect on March 1, and uncertainty is high over what will happen. Is it really the best time for a vacation?
Last night President Obama laid out a “wish list” of new spending proposals (and old spending proposals) to help finally stimulate the shrinking economy. So, after adding nearly $6 trillion to our national debt with spending programs that were supposed to bring us to near 5 percent unemployment today, we’re going to try it again. The difference? This time we’re supposedly going to do it without adding a single dime to the deficit.
We have a…spending problem? Or maybe it’s just a “paying-for”problem? Everyone in Washington seems a bit confused about what’s actually happening with our federal budget.
Entitlements are the biggest drivers of our debt. It’s time to reform Social Security and Medicare. Adding to the national debt is “unpatriotic” and “irresponsible.” These are some of the statements we heard from President Obama a few years ago regarding our fiscal mess.