When Reagan accepted $200 billion-a-year deficits, beginning in fiscal 1983, he ended Republican opposition to big spending and huge deficits.
Today, Republican Congressmen occasionally talk tough on spending, but then they vote for programs that guarantee a huge, never-ending federal deficit.
They know that hardly anyone back in the district will track their votes. They know that they can vote with the Democrats and not lose votes back home. They will get lots of PAC money.
The showdown in 2010 elected lots of new Congressmen — more than any since 1948. Democrats were on the ropes in the House of Representatives.
The Tea Party had won.
Suuuuuure it had.
The deficit is still way above $1 a year.
The battle over the debt ceiling was all for show. It was for the rubes back home.
The Congress never actually passes a buddet bill. There are a series of “continuing resolutions.” This is business as usual. They are called CRs, as in “conning Republicans.”
From March 4, 2011, when the new Congress was launched until today, the deficit has risen by $1.6 trillion. There has been no change in direction or magnitude.
But Republicans pose as deficit-reducers. It’s all nonsense. It’s posing for the folks back home.
Republicans have the votes to block any bill that does not run a surplus. Balanced budget are for big-spending politicians. We need a surplus.
This would require the guts to shut down the government. It will not happen.
Why not? Because the voters want the freebies from Washington. The voters don’t care about the deficit.
Here is a report from USA Today.
Under the government’s accounting rules, the U.S. government in 2011 increased the debt per household by $42,054. The median household income was $49,445.
The official budget deficit estimate does not include the cost of Social Security and Medicare. The $42 figure does include this cost.
The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government’s books.
With the off-budget costs factored in, here are some highlights.
Deficits from 2004 to 2011 would be six times the official total of $5.6 trillion reported.
Federal debt and retiree commitments equal $561,254 per household. By contrast, an average household owes a combined $116,057 for mortgages, car loans and other debts.
The voters don’t understand this. The voters don’t care. So, the Tea Party cannot enforce its mandate that the federal budget get ba;anced, let alone paid off.
A Great Default is coming. Count on this.