I found these comments from Mitt Romney that he shared today with fellow Republicans. It sounds a lot like my last post. If you don’t trust me, please believe Mr. Romney who also thinks that this nation is on an economic tightrope.
"So why not just spend and borrow with reckless abandon? Because we’re in a very delicate situation that could easily get worse if
We’re on an economic tightrope. That’s why it is so important to exercise extreme care and good judgment…
…As soon as this economy recovers, we have to regain control over the federal budget, and above all, over entitlement spending. This is more important than most people are willing to admit. I mentioned the economic tightrope before. There is a real danger that with trillions of additional borrowing—from the budget deficit and from the stimulus—that world investors will begin to fear that the dollars won’t be worth much in the future. They may fear hyper-inflation. It is essential that we demonstrate our commitment to maintaining the value of the dollar. That means showing the world that we will put a stop to runaway spending and borrowing."
- Mitt Romney, January 30, 2009
(http://www.boston.com/news/politics/politicalintelligence/2009/01/romney_tries_to_2.html)
It's that last paragraph that touches on an issue that really concerns me.
ReplyDeleteWe continue to add more and more entitlements to a government that will not have the resources to fund them when the bills come due. (Social Security, MediCare, MediCaid, S-Chip, prescription drug benefits, welfare, fedral pensions, etc.)
Now we are already beginning to see companies and city & county governments unable to fund the benefits they have promised the last generation of workers, and they are increasingly turning to the federal government to bail them out. (I'm leaving a lot out, but basically they have to rather than stop paying.)
So what happens when we federalize pension plans as well as health care in the next ten years?