4.9 • 720 Ratings
🗓️ 31 January 2023
⏱️ 19 minutes
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0:00.0 | 31.4 trillion dollars of debt and it's nobody's fault, but at least one man has a solution. |
0:08.6 | And it's not a new one. I'm Scott Ott with Zoe Rachel sitting in for Bill Whittle and Stephen Green. |
0:13.6 | And this episode of Right Angle is brought to you by the members at Bill Whittle.com. |
0:17.9 | Gentlemen, there is an op-ed in the Wall Street Journal by a guy named John Cogan, |
0:22.5 | who I had not previously heard of, but he is the author of a book. Let me see if I can get the title |
0:27.5 | of the book for you. I misplaced it. I will get it for you before the end of the show. |
0:35.4 | But anyway, it's a book about, oh, I think it's called the high |
0:38.2 | price of good intentions, or the high cost of good intentions. In any case, he has an |
0:45.8 | interesting idea about how we can contain, as conservatives used to care about, the national debt, and get it back down to what it |
0:57.0 | should be, which is an annually balanced budget. And there are basically two factors at play here. |
1:04.6 | One is that there are these omnibus bills that contained everything and the kitchen sink that are developed |
1:14.0 | by like 12 different committees in each House of Congress and the House of Representatives |
1:20.1 | and the Senate and then all cobbled together and treated as if it's this one big thing. |
1:26.5 | But there's no one committee that's responsible for |
1:30.9 | restraining spending. In fact, quite the opposite. And here's the second factor. At least two-thirds |
1:36.8 | of the budget is mandatory, so to speak. In other words, the non-discretionary spending, which we don't have any choice about, |
1:46.0 | we have to do this, is most of the budget, what we would call entitlements. And when I say, |
1:54.7 | and before anybody jumps on the comments and says, it's a lot more than $31.4 trillion, |
1:59.0 | let me just say, it's a lot more than $31. trillion. Let me just say, it's a lot more than 31.4 trillion. We're not |
2:03.5 | counting everything, but this is just what they consider to be, you know, this year's debt. |
2:09.9 | Entitlement programs, says Kogan, have accounted for all of the growth in federal spending |
2:16.5 | relative to gross domestic product in the past 60 years. |
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