We all know about the $16 trillion national debt. Now it turns out that when unfunded liabilities are added, the debt increases to more than $80 trillion. That certainly qualifies as the “big picture” and looks impossible to deal with. So let’s focus instead on a smaller picture: our annual deficit.
Annual expenditures exceed annual revenue by about $1.3 trillion. President Obama wants to squeeze $1.6 trillion out of the wealthy over 10 years. That would bring in less than $200 billion per year in additional revenue, dropping our annual deficit from $1.3 trillion to $1.1 trillion. But the Democrats don’t want to cut any costs. In fact, they — and certainly Mr. Obama — want to increase the spending level. So nothing will get done.
Perhaps we should focus instead on a smaller picture. How about the murders of four Americans in Benghazi, Libya?