It’s the only way the economic plans I hear from the presidential candidates make any sense. Pat Buchanan observes:
Last week, Moody’s warned that if the United States fails to rein in the soaring cost of Social Security, Medicare and Medicaid, the nation’s credit rating will be down-graded within a decade.
Our political parties seem oblivious. Republicans, save Ron Paul, are all promising to expand the U.S. military and maintain all of our worldwide commitments to defend and subsidize scores of nations.
And of course, the Democrats are promising universal health care. Why not, since it’s working so well in the U.K. (where 3 million people are vomiting their guts out from norovirus and the PM is suggesting “self-treatment” as a cost-cutting move to save the country’s National Health Service from bankruptcy)?
It was more of the same from Mitt Romney tonight after the Michigan primary. According to the accounting principles required of business by the government, our federal deficit is around $4 trillion, not the $163 billion reported by the Bush administration. Yet Romney promised us tax relief — but with no mention of corresponding spending cuts.
And even he talked about health care for everybody.
In the real world, there ain’t no way it’s gonna happen. Something’s going to give. When financial giants like Citi and Merrill Lynch are turning to Dubai, Kuwait, and China for desperately needed cash, and state governments are selling off public infrastructure like roads and bridges to private (foreign) investors, we’re seeing the beginning of what may be the transformation of the United States into a second-rate power.