The Foundation

"[W]hen all government ... shall be drawn to Washington as the center of all power, it will render powerless the checks provided of one government on another." --Thomas Jefferson

Editorial Exegesis

2013-02-06-chronicle

"The latest Congressional Budget Office calls the lie on President Obama's claim that the nation's debt crisis can be solved with just a few trims to spending and a bit more taxes on the rich. Obama lately has acted as though most of the work has already been done to get the debt problem under control. ... But the latest CBO report shows that the country is far from out of the woods. In fact, despite the supposed budget cuts and the $620 billion in tax hikes Obama brags about, deficits start climbing every year after 2015, reaching back up to $978 billion by 2023. Debt, too, starts expanding again as a share of GDP, climbing to 77% by 2023, with no end in sight. Even that grim outlook is unrealistic. The CBO's forecast assumes, for example, that Congress will let scheduled huge cuts in Medicare payments to doctors go through, even though they haven't done so for years. It assumes ObamaCare's costs don't explode, despite increasing evidence to the contrary. And it assumes there's no recession anytime in the next decade and that interest rates remain reasonably low. The CBO also makes it abundantly clear that the cause of this crisis is out-of-control spending, not insufficient tax revenues. ... The report is also clear that entitlements -- Social Security, Medicare, Medicaid and now ObamaCare -- are to blame for the continued growth in spending. ... The CBO adds that 'unless the laws governing those programs are changed, debt will rise sharply relative to GDP after 2023.' So what is Obama doing in the face of this still-looming crisis? Instead of confronting spending and entitlements, he's focused on meaningless side issues like gun control and scoring short-term political points against Republicans. Given the scale of the nation's fiscal crisis, this is hardly the leadership we need right now. But unless something changes, it's the leadership we're stuck with for the next four years." --Investor's Business Daily 

The Gipper