By Jason Arvak
The chief of the Congressional Budget Office, Doug Elmendorf, has added to the growing chorus of protest about out-of-control spending in Washington, D.C. With trillion-dollar deficits projected for the indefinite future and under the pressure of large and growing expenditures in health care and Social Security, the numbers add up to a looming financial Armageddon that would make the financial crisis of the last two years look like cold and flu season by comparison.
Elmendorf’s recommendations are sure to discomfit both Democrats and Republicans:
Doug Elmendorf, best known for arbitrating the costs of various health care proposals, added his voice to a growing chorus of economic experts who predict dire consequences if political leaders don’t scale back spending, increase taxes or both — and soon.
Republicans are certain to object to tax increases and Democrats are certain to shy away from reforms to entitlement programs like Medicare and Social Security. But a fiscal problem of this size cannot be seriously managed without both options being on the table. The alternative — continuing to kick the problem down the road with accounting tricks like those imposed on the Congressional Budget Office during the recent health care debate — risk financial meltdown.
Unfortunately, the odds that Congress or the White House will take the issue seriously are remote. Deficit concerns, never a sexy political issue in the first place, have been relegated by media leaders to the realm of “Tea Party” activists, who are, shall we say, lacking in broad-based credibility. And in the partisan races for office, it is always easier for candidates to promise entitlements matched to the claim that “someone else” will pay for them. But with 47% of American households enjoying a zero tax burden, the pool of “someone elses” who are available to pay the bill is lower than ever.
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A law student today, Jason is a former professor of international relations. In his research and writing, he focuses on international law, military strategy, civil-military relations — and sometimes, on other topics. Prior to graduate school, he served for 15 years in the United States Air Force. Comments are welcomed at [email protected].