“Read my lips, no new taxes.” -George Bush
GDANL writes a piece focusing on the country’s debt, responding to the midterm election results. An awful lot of the newly elected Representatives and Senators focused their campaign on the ballooning national debt. That much, I think, is good. We do need to talk about the debt.
However, they don’t seem to have any real solutions. GDNAL discusses the debt and the federal budget much better than I can and sums up his analysis:
“You have basically three choices—you can raise taxes; you can modify all the existing laws that provide benefits to the elderly, health care to the aged and poor children, federal employee and soldier pensions; or you can let the federal government default on its debt, creating total chaos on the worldwide economy. Your move, guys.”