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URL:  http://boards.fool.com/snippets-from-george-will-30418058.aspx

Subject:  Snippets From George Will Date:  12/6/2012  7:13 PM
Author:  2828 Number:  658616 of 734709

http://www.washingtonpost.com/opinions/george-will-politicia...

Even Jonathan Swift, who said that promises and pie crusts are made to be broken, might have marveled at the limited shelf life of Barack Obama’s promise of a “balanced” deficit-reduction plan — substantial spending cuts to accompany revenue increases. Obama made short shrift of that promise when he demanded $1.6 trillion in immediate tax increases and mostly unspecified domestic cuts. He also promised to cut $800 billion from 10 years of war spending that will end in two years, which is like “cutting” $800 billion by deciding not to build a ski resort on Mars.
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Given progressives’ “principled” refusal to countenance entitlement reforms, the principal drivers of the fiscal imbalance will not be untouched even by raising, from 65, the age of Medicare eligibility. In 1965, the year this program was created, the average life expectancies of men and women at age 65 were another 13.5 and 18 years respectively. Today they are 19 and 21, and rising. Given modern medical — especially pharmacological — marvels, longevity often involves living with several chronic ailments that might have been fatal a generation ago. For liberals, however, no demographic or scientific changes need be accommodated.
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At the end of the Clinton administration, when the budget was balanced (largely by revenue generated by commercialization of the Internet), annual federal spending was $1.94 trillion and revenue was $2.10 trillion. “Adjusting for inflation and population growth since the start of 2001,” Dorfman writes, “today’s equivalents would be $2.77 trillion and $3.00 trillion,” and a $230 billion surplus.

What is to blame for today’s huge imbalance? The George W. Bush tax cuts? The recession? Obama’s spending? Dorfman answers yes, yes and yes — but that “spending is the main culprit” because: Today federal revenue is $2.67 trillion (slightly less than “the Clinton equivalent”) and spending is $3.76 trillion, so we are spending $987 billion more than we would be if we had just increased Bill Clinton’s last budget for inflation and population growth.
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This melodramatic language encourages the supposition that plunging off the (metaphorical) cliff is unthinkable. But as this column has hitherto noted, the cliff’s consequences — huge tax increases and defense cuts — are progressivism’s agenda. And Obama needs to restock the pantry where he stores his excuses for his economic policy failures. The tax increases would augment his policy of enlarging government’s control of the nation’s economic output, and he could henceforth blame continuing economic anemia on Republicans who supposedly should have averted what progressives desire.
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Republicans really tee'd it up for the democrats didn't they? Cutting the military and tax hikes on everyone.......and then blame it on republicans! It's evil genius.
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