President Obama's SOTU speech last night can be summed up as follows: Let's spend more money!
More money we don't have, that is.
While I'm thrilled that Republicans are at least talking about cutting spending (which is unsustainable at current levels), it's hard to take their proposals seriously.
Obama's fiscal 2011 budget proposal was for $3.8 trillion. Meaning the budget cuts Republican demagogues "leaders" propose will at best, only cut 2.5% out of the budget. So, in the grand scheme of things, this may buy us a few extra days, but it still leaves us roaring at break-neck speed down the road to financial ruin.
Freshman Senator Rand Paul (R-KY), however, is taking things more seriously. Paul is proposing $500 billion in cuts.
Hours before a State of the Union address expected to focus on government spending, Washington has come down with a case of budget-slash fever.
Republican freshman Sen. Rand Paul (R-Ky.) has unveiled his plan to cut $500 billion from the federal budget in a single year — a path that would transform the federal government and dramatically curb its reach into American life.
Paul's budget cuts more than five times as much as House Republican leaders have advocated and faces little chance of winning support, even from within his own party.
"By removing programs that are beyond the constitutional role of the federal government, such as education and housing, we are cutting nearly 40% of our projected deficit and removing the big-government bureaucrats who stand in the way of efficiency in our federal government," Paul said in a statement.
Now, I already hear all of you "super serious," "realistic" "adults" balking and complaining about Paul's proposal being "unrealistic" and whatnot, but I've got news for you. Our current budget trajectory will end in disaster. Absolutely. Don't take my word for it either, just ask "Mr. Insider" Robert Rubin.
The debt crisis does not care about political expediency, constituency support, congressional consensus, will, or "leadership." It does not care whether the president is Democratic or Republican. It doesn't care if the money is spent on warfare or welfare. The debt is a ticking time bomb ... waiting to explode.
Cut now. Drastically. Or it will end in tears.