“These days, I wonder if this country is even governable.”
That’s G. William Hoagland, a former adviser to the Senate Republican leadership on fiscal policy, quoted by Pat Buchanan.
Why does Mr. Hoagland doubt the US is still governable? As Buchanan explains, DC’s debt is simply unsustainable. The latest warning sounds from the Titanic’s groaning, cracking hull came this week when the Chinese rid themselves of $45 billion of its $790 billion in T-bills.
Something’s got to give, as Buchanan concludes:
Where does that leave Obama — and us?
Later this year or early next, to avoid a debt crisis, Obama will ask Congress to raise taxes and pare back entitlement programs.
Republicans will fight the taxes to the last ditch. Democrats, having lost dozens of colleagues in the November massacre, will rebel against the cuts in social spending.
And a paralyzed government will drift closer toward the maelstrom.
I’ll make a prediction: Democrats will not surrender their social spending. That’s how they keep their constituents loyal. And Republicans will not back off their unwinnable, unsustainable wars in the Middle East. Neither wing of the ruling class will give up so much as a dime of their hold on our money, money that keeps the corruptocrats in power. Scaling back is impossible, and squeezing taxpayers even more is impossible.
That brings us to the third option, the one that no one in power dare verbalize, but which Mr. Hoagland hinted at in the opening quote. The Federal government is overstretched, overspent, and overwhelmed. It’s time to wake up to this simple fact: It’s over.