House Speaker John Boehner has removed four fiscally conservative Representatives (i.e., Representatives who had the temerity to take the Republican mantra of “smaller government” to heart) from the Budget Committee and the Financial Services Committee. Their crime: Voting against increased spending.
Maybe it is time to revisit tax rates and deductions for the rich. But that is only half of the problem. The national debt is now over $16 trillion and may exceed $20 trillion by the end of Obama’s term in office. U.S. monetary and fiscal policy is destroying the value of the U.S. dollar, which is now worth only seven percent of what it was worth 100 years ago. And that devaluation (or inflation, depending on how you look at it) harms the poor and those on fixed incomes more than taxes ever could.
So, in addition to taxes, it is also time to revisit the federal deficit and pay down the national debt. Right now, the U.S. military budget is eight times larger than the military budget of the second place nation, China. Billions of dollars are wasted on projects and programs that do nothing but line the pockets of political cronies to both sides of the aisle. It’s not like the budget is already lean.
Unfortunately, the only people in Washington who were talking about fiscal responsibility have lost their seats at the bargaining table. Good luck trying to explain this to your children.