Debtocracy: As a president, it’s one thing to know you have a big fiscal problem. It’s quite another when a panel you appointed tells you the policies you have in mind will only make things worse.
That’s what happened Sunday, when leaders of President Obama’s deficit commission offered up the darkest of outlooks for our financial future — calling current trends in U.S. budgets a “cancer” that will “destroy the country from within” unless halted soon.
Pretty sobering words. Let’s hope Rahm “Never Waste A Good Crisis” Emanuel is unable to find something to exploit there. But in case Democrats in the White House and Congress think this is their golden chance to raise taxes and permanently increase the size of government, they should think again.
“We can’t tax our way out,” admitted Erskine Bowles, co-chairman of Obama’s deficit commission and formerly President Clinton’s chief of staff. “We’ve got to cut spending or increase revenues or do some combination of that.”
