On A Democratic Majority, Our National Debt & The Documentary I.O.U.S.A

We argue - and have since the summer of '06 - that the current Democratic Party is just as bankrupt as the current Republican Party.

Both parties are hobbled by terrible leadership, bad spending priorities, few new ideas, graft, corruption and a dumbing down of the Congressional rank and file brought on by hyper redistricting.

The rot is just easier for the minority party Democrats to hide.

But the minority party Democrats (aka "we only control the Congress by a slim majority and not the White House, Wee! Wee! Wee!" Democrats) might shortly control everything about everything here in Washington.

And then it will be time to for them to govern.

Not campaign. Govern.

No place to hide and all that.

And then the only question will be is do the Democrats have the nuts (or, excuse us Ms. Pelosi, the ovaries) to do something about our national debt, which is the greatest national security threat that our country currently faces.

Maybe. Maybe not.

Remember, though this is a "change election", the current Democratic Congressional leadership has been in Washington since about 1743.

So, time will tell.

Until then, we direct our readership to the Dallas Morning News's write-up of the new documentary I.O.U.S.A.

To watch a preview of the documentary here:



And to watch David Walker on 60 Minutes last year:




And yeah, we're going to continue pushing this issue just as hard as we can.

David Walker Is Blogging (among other things)

Cool.

"Less Stuff. More Pain"

Or, as our grandmother says, "Eat it today, wear it tomorrow." 

What we're saying (what we've been trying to say) is that America consumes too much and saves too little. Our out-of-control national debt is the greatest national security threat that this country currently faces. And don't even get us started on the entitlement programs. 

Fat, drunk and stupid is no way to go through life. And sometimes people really do need a spanking.

Enter (again) Pete Peterson and David Walker, both financial geniuses of the highest order. 

And while the politics of deficits and debt "suck" (right up to the moment the Federal Treasury goes dark and stuff is on fire in downtown DC), Peterson and Walker are going to do their level best to save us from ourselves.

For that they deserve our thanks. 

And our support.

We look forward to watching PGPF work.

We Hope That This Is David Walker's Week

It's the economy stupid, all week long (and probably for the next 4 months).

But just so everyone is clear: If the candidate isn't talking real, specific and immediate entitlement reform, he's talking economic bullsh*t.

It sounds like Johnny Mac is stepping up to the plate with a little economic straight talk on the entitlement issue (though we would like to see more - a lot more - from a Senator who has been a strong fiscal conservative his whole career).

And we suggest that Team Obama, before they go yip-yip-yipping about McCain's ideas to tackle entitlement reform, tell us what their ideas are first.

While we wait:

Flat. Broke.

We ain't got no money, honey. 

This is the #1 national security issue that our country currently faces. Period.

And all the Republicans and Democrats do is give us half truths at high volume.

As they Borrow & Spend and Tax & Spend us right off a cliff.

The sort of government malpractice that violent revolutions may be built upon.

We're just saying.

Karl Rove, Has-Been

Look Karl, we get it.

You're out.

You don't work at the White House anymore. The guy you backed in the Republican Primary didn't make it. The Republican Party you managed for the last 8 years is currently just a touch more popular than genital herpes. Scott McClellan's book hurt. And Team McCain is about as interested in taking your advice as they are in taking the political advice of the guy who cleans McCain's pool (does he even have a pool?).

So what does a "has-been" like you do Karl?

You bitch and moan about the people who took your place in the new pecking order using the one tool that a Washington has-been always has left - a newspaper column!

And your column in today's Wall Street Journal is a beaut Karl. Even for you.

You really bring the "tsk-tsk" to Senator Obama and Senator McCain for letting politics and a close election interfere with their economic policies.

You column is so "Senior Adviser to The President" like. So Washington Wise Man.

And such absolute total bullshit.

For 7 years Karl, you and the President cut taxes AND increased government spending. Which is politically a hell of a lot of fun in the short term. But absolutely disastrous in the medium and long term.

Just ask David Walker, a real Washington Wise Man.

When the next President takes over he will inherit about $10 trillion dollars in government debt. Debt that will ultimately end up increasing our taxes and decreasing our benefits. And a very good chunk of that debt is the direct result of your advice Mr. Rove.

So Karl, we don't think that you should be giving anyone economic advice. Let alone the next President of the United States.

We suggest that you simply shut your yap and fade away like a good little has-been.

We're just saying.

Why The Federal Debt Drives Us Bananas, And Why "Baby With The Bathwater" Revolutionaries Must Love It

We get a lot of questions about why we are so concerned with federal spending/debt. This Saturday morning post is a quick response to those emails and conversations:

The Federal Government's financial books are a joke. But not the "ha-ha" kind.

Noted: Watch Walker, David on 60 Minutes. And then watch it again.

We agree with Mr. Walker that America's debt is the #1 national security threat facing us right now. Period. End of story.

And it drives us absolutely bananas that politicians who we gift 30 cents on our earned dollar to "represent our interests" in Congress just keep spending and borrowing this country right off a cliff.

Read Peterson, Pete. Then read him again.

Our $10 trillion dollar debt is a different type of problem than any Washington has faced in the past. It eats at us from the inside out (as opposed to the outside in). It colors everything that this country does (or is forced to do).

We are a debtor nation. (if The Nation isn't your cup of tea at least note the part in the article about super capitalist Warren Buffett). A debtor nation! Like 3rd world countries. And how "stable" can that really be?

Put simply, America's current financial status quo will not hold. It can't. And if changes are not made, and made quickly, the whole pyramid scheme is going to come crashing down around our heads.

If this is allowed to happen, Washington's failure to act now will be considered the greatest example of governing malpractice that this country has ever seen.

Believe. It.

And while the "after the fall mess" won't be fun for us (or the rest of our global village), it will be great for people like true believers (nuts) of Sergey Genadievich Nechayev's The Revolutionary Catechism, who will find plenty of new grist for their mill to try to start a new global revolution with.

And then where will we be?

In serious, serious trouble.

We're just saying.

If The Concord Coalition Don't Like It, We Don't Like It

All 3 candidates had their financial plans hammered by very serious, nonpartisan smart guys (and gals) in today's New York Times.

It's a big problem.

For all three candidates. And the country.

The federal government (read: us) will owe $10 trillion (ish) by the time the next President takes office.

What don't people understand?

That's a huge chunk of financial cancer that adversely affects everything up and down the line. And the $10 trillion doesn't include what's coming down the pipeline with the entitlement programs.

You don't "grow" your way out of a debt that large. And you sure as hell don't spend your way out of it.

Borrow and spend Republicans are just as bad as tax and spend Democrats.

When you are in a hole stop digging.

All this is getting really tiresome.

Really.

Well, You Can Always Cut Entitlements Instead

Republican Senator George Voinovich is speaking fiscal sense.

Even if it's politically radioactive, which it is.

But both political parties face the same choice: make deep cuts in the entitlement programs, or raise taxes.

The spending/borrowing status-quo in Washington is why the value of our dollar is in the toilet.

$10 trillion in federal debt doesn't just go away.

Time for both political parties to get serious.

Believe it.

Just ask David Walker:

David Walker Is Retiring From Government

A true American Patriot is hanging up his cleats.

Stephen Barr of the WaPo has the story.

We would add only a "congratulations" and a "thank you".

Max Baucus Wants His Turn At The Tree Too

Whoa, whoa, whoa, slooooow down there Nancy and George.

We're the saucer that cools the tea, remember?

And we'd like to take our (constitutionally guaranteed) shot to hang all sorts of new crap on this fiscal tree.

Granted, the country can ill afford any of these sparkly trinkets right now. But who's counting (other than that stick-in-the-mud David Walker)?

Snark.

Rise The Concord Coalition: McCain Gets Pete Peterson

Today everyone will be talking about McCain's Schwarzkopf endorsement.

But we think that folks should be talking about McCain's Pete Peterson endorsement first.

Because Peterson is as smart a financial operator as they come. And he's just the type of man that the next President of the United States should have by his (or her) side as he sorts out America's current economic mess.

And did we mention that Peterson and GAO David Walker seem to see eye to eye on most economic issues? Be still our pitter-pattering little heart.

Nice pick-up Senator.

No snark.

Paging David Walker, Medicine Man

The global markets are spooked about the long term health of the U.S. economy. With good reason.

Washington/New York/Main Street are spooked about the short and long term health of the U.S. economy. With good reason.

Washington only has one real short term option: When you find yourself in a hole, stop digging. No new tax cuts and no new stimulus packages unless you can figure out a way to (really) pay for them.

And then there is only one real long term solution: Bring in David Walker. He knows the score.

If Walker gets the political cover he needs to operate on the patient now (real easy, especially in an election year), he should be able to cut out the cancer with only a minimum amount of pain.

But if we put the economic operation off again, it's going to hurt a lot worse the next time. And even worse the time after that.

Then who's going to buy all our debt?

And then the barbarians will really be at our gate.

The U.S. Economy? Shoot, I've Got That To Go.

The U.S. markets are closed today due to the Martin Luther King holiday.

Most of the rest of the global markets are open however. And bleeding.

Maybe there is no such thing as a free lunch?

Shocking.

Maybe it's time to start listening to David Walker and "stop digging"?

Shocking.

So Congress/Presidential candidates - "stop digging" means no new tax cuts and no Christmas Tree fiscal stimulus packages.

Just. Cut. Government. Spending (and all that waste).

And. Fix. The. Entitlement. Programs.

Yeah it hurts. And it will for awhile. But we brought this on ourselves.

And our kids will thank us.

And nobody sent you all to Washington to make the easy calls.

Time to man (woman) up.

We're just saying.

Jack Welch: Sunny Is As Sunny Does!

This morning on Morning Joe, Mr. Straight From The Gut was asked if America was headed toward a recession.

"No, I don't think so," Welch replied. "The global economy will continue to help us."

Noted: Not an exact quote, transcript is coming.

We can only wonder if by "help us" Mr. Welch is referring to the willingness of the Chinese government (and the Saudis and any number of other world governments) to continue to choke down huge gobs of American debt each and every morning before our financial markets even open for business.

Nobody likes a Chicken Little, and Ron Paul might sleep in a tinfoil hat but David Walker is pretty damn smart.

And he is very concerned about how our financial books are looking right now.

Whether we are technically in a recession or not.

"Nothing Like A Little Good News For Y'all To Print Up!"

So the White House pool report quoted President Bush after a WH economic team availability trumpeting a shrinking budget deficit.

Which is like the captain of the Titanic saying, "But anyway, we got a really bitching orchestra rocking downstairs!"

Because the only economic game that matters is meaningful entitlement reform.

Senator Gregg knows the score.

So does David Walker.

Lil Bush, maybe not so much.

Well Done Senator Gregg!

A Congressman finally does something that we can get excited about.

No snark.

The Union Leader has a huge above the fold article on Gregg/Conrad sponsored legislation that would create a bipartisan task force to meaningfully address government entitlement spending.

Noted: Hat tip to Jordy Yagrer, an intern with the Boston University Washington News Service who wrote the article.

The "teeth" of the Gregg/Conrad legislation - The bipartisan task force (made up of 7 House Members and 7 Senators and chaired by the Secretary of the Treasury) submits "long term policy recommendations" to the Congress in December of 2008, which would then have just 5 legislative days to accept or reject the entitlement reform proposals without change.

We look forward to watching the Congress kick and scream its way through that vote.

The best part of the Gregg/Conrad bill? The legislation has the support of GAO head (and our hero) David Walker.

Which means that it has the support of us.

And we'll be watching its progress very closely.

Being Grover Norquist Ain't What It Used To Be

Fred Thompson has joined John McCain and Rudy Giuliani and refused to sign Grover Norquist's (asinine) pledge against raising taxes.

Sam Youngman at The Hill has the story.

That's too bad for old Grover.

But score one for GAO head David Walker. No snark.

Libby

The problem with history is that some of us remember it.

And the GOP "nuts" who called on President Bush to pardon Scooter Libby should try to remember what they were saying about Bill Clinton's behavior from August '98 through February of '99.

Because what is good for the goose should always be good for the gander.

Especially when Washington is playing bullsh*t power games that mean less than nothing to everyone living outside the Beltway.

And Rome continues to burn. And David Walker continues to have trouble getting ink.

A Question For Sunday's (and Tuesday's) CNN/WMUR/Union Leader Presidential Debate In NH

The Politico's Ben Smith asks "What should each candidate be asked" at Sunday's debate.

This is the question we would like to see -

"Candidate X - David Walker, the Comptroller General of the United States, has totaled up our government's income, liabilities and future obligations and concluded that the numbers do not add up.

Walker claims that this "dirty little secret everyone in Washington knows about" will bankrupt our country, which he claims is the #1 national security problem facing America right now.

Walker believes that meaningful entitlement reform, specifically health care reform, is the only way to salvage our nation's finances.

Two part question. First, do you agree with David Walker's assessment?

And, if you do agree, do you believe, as David Walker does, that any meaningful health care reform includes raising taxes, cutting benefits or both?"