Monday, September 19, 2005

 

Mortgaging The Future, Continued

Fareed Zarkaria, otherwise known as one of the few sane reporters on Earth, weighs in with his opinion on federal spending in the wake of Katrina:

The worse things get, the more frivolous our response. President Bush explains that he will spend hundreds of billions of dollars rebuilding the Gulf Coast without raising any new revenues. Republican leader Tom DeLay declines any spending cuts because "there is no fat left to cut in the federal budget."

This would be funny if it weren't so depressing. What is happening in Washington today is business as usual in the face of a national catastrophe. The scariest part is that we've been here before. After 9/11 we have created a new government agency, massively increased domestic spending and fought two wars. And the president did all this without rolling back any of his tax cuts—in fact, he expanded them—and refused to veto a single congressional spending bill. This was possible because Bush inherited a huge budget surplus in 2000. But that's all gone. The cupboard is now bare.

As anyone who reads this blog knows, I'm no fan of increased taxes. But put simply, spending must not exceed expenditures, at least not for any length of time. Something has to give - either revenue grows, or spending drops. But that sort of logic seems lost in Washington, which is tragic because not even a decade ago, Congress demonstrated an ability to keep spending under control.

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