The national debt amounts to over $323,000 per taxpayer. This doesn’t factor in the nearly $200 trillion dollars in unfunded liabilities. Within the next decade or so, there will be a sovereign debt crisis in the United States.
So, if we are going to fully fund the NIH, where are we going to cut in order to balance it all out? All these government programs have very vocal constituencies. No one wants their “free” money turned off.
We can be smart and judicious with our budget cuts now, or we can continue to kick the can down the road and one day the bond markets will revolt. No one will be willing to lend the US money as we dive head first into the debt death spiral. That won’t be pretty.
If we decide that we want controlled cost cutting measures, Americans need to realize we don’t just need to cut a few billion dollars here and there, we need to cut nearly $2 trillion from the annual budget. Tough decisions will need to be made. Is anyone willing to step up and do that job?
This isn’t a red vs. blue thing, this is a we’re going to be the next failed empire if we can’t get our act together kind of thing. This is a history repeating itself kind of thing.
Big Hoss