Representative Paul Ryan, chairman of the House Budget Committee is releasing the 2012 House Republican’s budget proposal this week. Depending upon which side of the aisle you sit this will be either the best thing since canned beer or a disaster of untold proportions.
Scrape away the hyperbole and the choice for America boils down to business as usual with continued high levels of deficit spending or serious decisions to scale back that spending and bend the deficit curve back down to flat over time.
It our gut we know the answer to the question we are being asked. We can’t keep going on like this. Something must change to get our fiscal house in order and put America back on the road to prosperity instead of racing toward the cliff.
This stark choice will frame the 2012 elections as well as the budget. The Daily Beast put it this way:
“Are we still a nation born of personal liberty, opportunity, and self-reliance? Or have we been transformed into a nation controlled by government arrogance, debt, and dependence?
Consider this: More Americans work for the government than work in construction, farming, fishing, forestry, manufacturing, mining, and utilities—combined.
The number of Americans who pay taxes continues to shrink, and we are nearing the point at which half will not pay taxes for the benefits they receive.
The national debt will total $15.476 trillion by Sept. 30, or 102 percent of the sum total of all economic activity in the nation.