if debt is what you are actually concerned about.
It's escalating, long-term debt that concerns me.
All spending mistakes are not created equal.
If you throw a war, it costs a lot of money. But it's sunk money and when the war is over, you quit incurring further debt. You still have the debt but it's a fixed amount, however exorbitant. Same if you cut tax rates or offer tax incentives. You can change the law at any time and stop the bleeding. You're only stuck with the debt incurred to date. those "mistakes" are painful but recoverable.
When you create entitlements, you can't stop the train. You can't stop Medicare, for example. Ever. No matter how much inflation grows or the number or enrollees grows, you can't stop paying because the recipients are the voters and they won't give up their benefits. Instead, they lobby to increase their benefits. Not only can't the bleeding be stopped, it tends to escalate. As a practical matter, that is not recoverable.
The R's, while profligate, are not likely to create entitlements, the debt that keeps on debiting. |
