Deficit cutting commission gets it wrong

December 6, 2010 07:30

The Bowles Simpson deficit cutting commission is more Washington theater. Another show with an impressive cast designed to give the appearance of being serious.

Star Parker at


Our federal budget did not explode over a few short years to sucking up a quarter of our economy because we didn’t have politicos with green eyeshades looking at it.

It exploded because we have government in Washington that can do practically anything it wants.

Without clarity about the role of government and meaningful law enforcing it, we’re never going to get spending and debt under control. And this is what Americans need to wise up to and get resigned about.

The American people did not support politicians writing a $50 billion check on our account to bail out GM. A Gallup poll shortly after the bailout showed that 55 percent disapproved against 41 percent who approved.

The GM bailout wasn’t our decision. It was decided by a small team in the White House and that’s whom they should be thanking.

Moving along, Peter Wallison and Edward Pinto of the American Enterprise Institute write that little has happened to fix what caused the great collapse in our financial markets.

Fannie Mae and Freddie Mac, the taxpayer backed mortgage behemoths, carried out their government mandate to expand homeownership by pushing a flood of subprime mortgages into the market and laid the groundwork for the collapse.

Now it’s just being done through the Federal Housing Administration.

We’re drowning in spending and debt because theft is legal in Washington. This is our problem and the Bowles Simpson commission totally ignores it.

Similarly, it ignores that taxation should not be a political tool for social policy. It should be a mechanism, kept as simple as possible, to raise the funds to pay for the legitimate functions of the federal government.


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