8/28/14 Debt Time Bomb

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Iraq. Syria. ISIS. Ukraine. Russia. Israel. Gaza. Hamas. China. Ferguson. 

With so many crises right now, we’re overlooking another disaster: our nation’s fiscal health. 

We’re heading toward bankruptcy.  And most Washington politicians are thrilled their profligate spending ways are not facing public scrutiny right now.

The nation’s unfunded liabilities — entitlements we’ve promised to pay without the money to back it up — grow larger each year. 50 trillion.  70 trillion.  100 trillion.  Whatever the amount — no one can pretend it doesn’t exist.

Discretionary spending is also a mess. 

Washington politicians — Republicans and Democrats — offer 10-year budget plans that increase spending today with a promise to cut spending in years 8, 9 and 10.  Which, of course, never happens.

Now, another Labor Day approaches.  And it appears all or most of the 12 Fiscal Year 2015 appropriations bills will be rolled into one massive omnibus spending measure. Just like 14 of the previous 20 years.

An omnibus spending bill is like a giant pinata stuffed with wasteful spending. When burst open. Members of Congress scramble to gorge themselves on the billions of dollars they scoop up.

I admit being a good steward of taxpayers’ money is challenging.  The very few fiscally responsible folks in Congress are marginalized by their parties.  Labeled extreme by the media.  And made fun of by late night comedians.

Meanwhile, our debt time bomb keeps ticking.

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