In the first presidential debate, Mitt Romney said he’d judge every government program by whether it was “so critical it’s worth borrowing money from China to pay for it.” But it turns out that nearly the entire China-held debt ($1.15 trillion) could be paid by eliminating the life span cost (an estimated $1 trillion) of just one Pentagon weapons program, the F35 Joint Strike Fighter.
According to the libertarian Cato Institute, we could save an amount equal to our entire China debt by eliminating just 11 years of corporate welfare. Of course, Cato being Cato they hardly scratched the surface of corporate welfare in defence spending. So there is quite a bit more.
Contrast that with Mitt Romney’s debt plan that by most estimates simply doesn’t add up. By other estimates his plan would require a 25 percent across the board cut to all domestic spending programs. “Domestic spending programs” are the ones that provide actual services to actual citizens, like schools, public safety, roads, and bridges. They also include safety-net programs like welfare and food stamps and unemployment – things your sister and her children might have needed when her no-good husband ran off.
Zuma’s entire post is well worth a read, it does a great job of explaining national debt and should be sent to all relatives and friends who make bombastic statements about the government needing to ‘balance the checkbook’.