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Story Archives: Carving up sacred cows
|Carving up sacred cows|
One major difference between cows raised here in Franklin Parish and "sacred cows" kept in Washington DC is that the latter are less likely to end up on the chopping block the fatter they get.
As I write this, President Obama and Republicans in Congress are hashing out a deal to raise the national debt ceiling, which is $14.3 trillion.
The president, a man who has ushered in more Washington spending than all his predecessors from Washington to Reagan combined, wants to include tax hikes on wealthy Americans as part of a package deal to come to an agreement.
Republicans argue that there should be no tax increases with a national unemployment level of 9.2 percent.
If an agreement isn't reached, the president warns, there could be world-wide disaster on Aug. 2—the day that the country's spending exceeds it's debt limit.
The United States defaulting on its debt, the argument goes, would send the world into an economic tail-spin. No one wants that, of course.
The problem with the president's scare-tactics is that there is no real danger of the country not being able to pay its creditors.
The only danger that really exist is the danger for Washington politicians who have built careers spending money the country doesn't have.
The nation's debt service only amounts to about 6 percent of the federal budget.
It's the other 94 percent—the part that has been growing exponentially for decades—that should give our leaders greatest concern.
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