Great long post from Instapundit on our current federal fiscal crisis:
It seems likely that no matter who is elected President, we’ll see higher taxes. But an awful lot of Americans don’t pay income taxes, or pay only very small amounts — and their numbers will grow under both the Obama and McCain tax plans. Raising top marginal rates won’t affect them. So if we’re to see shared sacrifice, what might that mean? It seems to me that shared sacrifice is not only about some people paying more to the federal government, but also about others taking less. And, yeah, that’ll hurt, but that’s what “sacrifice” is about, right?
There’s some evidence that Obama, at least, is quietly moving toward raising the Social Security retirement age. This is inevitable, and the sooner it happens the better. Adjustments should also be based on the cost of living, rather than wages, which would help keep increases under control.
His best suggestion: A 10 percent across-the-board cut for the federal government. Georgia’s been making across-the-board cuts to its government budgets for the last six months. That’s what you do when your revenue decreases — you stop spending so much money. Only our federal government exists in a world where revenues don’t matter.
Perhaps a journalist could actually ask Obama and McCain about their thoughts on ending the deficit and paying off the federal debt.