No debt crisis?

I'm really, really sorry.  My intent with this blog is NOT to be an anti-Obama rant, but this was just too interesting to pass up, and it addresses one of the most pressing issues today.  Yes, Obama believes we aren't in a debt crisis.  This is a truly strange claim, let's examine it.

The Federal government, first of all, is about $16.6 trillion in debt.  That's a lot of money.  To make matters worse, the interest on said debt is over $223 billion.  And they're increasing far, far faster than the amount of revenue being brought in.  Short of really, truly dramatic spending cuts (which would have to include popular programs), there's basically no way to actually pay back the debt.  In the Republican primaries last year, out of all the candidates only one (Ron Paul, who never stood a chance) would have actually come close to solving the problem even if his plan were fully implemented, and this is (supposedly, anyway) the party of fiscal responsibility.  Check out the nightmare-causing real-time debt clock for a good perspective on just how severe the debt is.

Now, why is the debt a problem?  Well, we're gonna have to pay it back - or default.  One of the two will happen sooner or later.  Here's the problem.  If the government defaults, say bye to all those popular programs that are the reason for the debt in the first place.  Social security?  Gone.  Medicare & Medicaid?  Gone.  Overwhelmingly powerful military?  Reduced to just powerful.  The unpopular programs really won't stand a chance.

Now, I mentioned that only truly dramatic spending cuts that don't spare popular programs are the only way out.  However, Mr. Obama explicitly stated the following in the article;

"But ultimately, it may be that– the differences are just– too wide. It may be that ideologically, if their position is, 'We can’t do any revenue,' or, 'We can only do revenue if we gut Medicare or gut Social Security or gut Medicaid,' if that’s the position, then we’re probably not gonna be able to get a deal."

And here we have yet another problem.  Only rarely will a Republican ever dare to suggest cutting our incredibly expensive popular programs, and the Democrats won't go near it.  If we default, though?  They're gone anyway, and there's no way to ease out of it.

I realize that the President has the best of intentions.  There are many Americans who rely on these programs.  In the end, however, we're faced with two choices.  We can either make the necessary, if painful, cuts while we still can, and ease into a new, less expensive system, or we can continue on our current route, default, and lose the programs with nothing even resembling a gentle transition.

Take a look back at that debt clock, and look closely at the top budget items.  Medicare/Medicaid costs more than our total defense spending.  Social Security costs more than our defense spending.  Defense costs twice as much as the next highest budget item.

The common thread?  All three are popular, and both parties are fanatically dedicated to preserving at least one, usually all of them.

I would say this warrants a "crisis" label.