The Choice Is: Some Pain Now, Or Much More Pain Later

In a post about the debt ceiling debate at NRO’s The Corner, Michael Cannon makes a point in parentheses that instead deserves emphasis:

As a policy matter, I want to cut the federal government’s claim on the people’s economic resources by much more than 40 percent. (Dear critics, please note that it’s no kind of objection to say that cuts of that magnitude would cause vulnerable people pain. The alternatives — higher taxes or a Greek-style debt crisis — would also cause vulnerable people pain. In my estimation, they would cause more pain to greater numbers of vulnerable people.)

Precisely.  The Democrats wail that any spending cuts will necessarily harm certain folks.  That’s likely true, although I would argue that properly targeted cuts would mostly remove undeserved subsidies rather than impose true hardship.  But whether or not, for example, farmers deserve subsidies that cost tax dollars and increase the cost of food for the rest of us, cutting subsidies people have relied upon for years will cause hardship.

But what is the alternative?  Continuing their spending binge will only bring greater pain tomorrow, and grasping after additional tax dollars will only prolong the hangover. 

The problem is, you eventually run out of other people’s money.  What’s their plan then?  It is, unfortunately, the same as the President’s plan now.  There just isn’t one.

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Published in: on July 27, 2011 at 12:17 pm  Leave a Comment  

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