(Freedom.news) Americans who believe that they will still be alive 12 years from today had better brace themselves for the coming economic catastrophe that is the end result of a bipartisan effort to evade fiscal responsibility.
As reported by The Washington Free Beacon, in a recent interview with C-SPAN, Rep. Dave Brat, R-Va., dropped a bombshell that should have been top-of-the-hour news stories on every major news broadcast (but, of course, wasn’t).
By 2027, said Brat, the federal government will only take in enough money to cover entitlement programs and interest on the already unimaginably massive (and still growing) U.S. national debt.
“There won’t be a dollar left to run government, military, roads, education, all the things folks want,” he said, referencing a recent report from the Congressional Budget Office.
“In the short run you just can’t spend more than you have and every family knows that, every firm knows that,” Brat – who defeated House Majority Leader Eric Cantor in a shock victory in November, continued. “Firms are firing people right now instead of hiring because they can’t meet payroll. So that’s how the real world works and the only place it doesn’t work like that is up here.”
The CBO found that the outlook for the federal budget moving forward is worse than previous estimates, since before the Great Recession and new laws and policies implemented afterward. Spending has increased and revenues, while also increasing, aren’t keeping pace, causing the deficit to rise even further.
And yet, Congress and President Obama continue to call for spending increases.
“They totaled $5.6 trillion in those five years, and in four of the five years, they were larger relative to the size of the economy than they had been in any year since 1946,” the CBO report says. “Because of the large deficits, federal debt held by the public soared, nearly doubling during the period.”
Brat said it is imperative the federal government rein in its spending. Otherwise it won’t be able to afford anything.
“So solutions, number one you have to trim the spending a little bit right now in the short run, but in the long run everybody knows it’s the entitlement game,” Brat said. “So I’m on the Budget Committee and out of 100 percent pie, two-thirds of it is entitlements.”
“And only one-third is discretionary,” Brat said, meaning that Congress and the president only have a direct say over that portion of the budget. The rest is automatically spoken for in the way of entitlements and other mandatory payments like debt interest.
“So the budget committee only gets to deal with the one-third. And what I just said, by 2027, in 11 years or so the entire budget will be mandatory spending so there won’t be any discretionary spending whatsoever unless you deficit spend the whole government.”
“If we go up to that then we’re Greece, and I’m not a doomsayer, but you come up on that point and you’re Greece,” Brat warned.