What does a government shutdown really mean? It’s not all it’s cranked up to be, says political pundit Dick Morris. “We really misunderstand the concept of a government shutdown. It does not shut down the government. We just call it that,” says Morris. “What it does is shut down those activities which are governed by discretionary spending that’s voted by Congress each year. The entitlements, Social Security, Medicare, veterans benefits, food stamps, welfare, disability all go on getting paid because they are not governed by the funds that Congress appropriates annually.”
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Runaway entitlement programs ensure that a Greek-style economic collapse awaits in our future. It can’t be averted, even if federal taxes are increased to 35 percent of the Gross Domestic Product, up from a current 20 percent of the GDP. Jeffrey Rogers Hummel, a professor of economics at San Jose State University, examines the dynamics propelling us toward the collapse in an interview with Reason‘s Nick Gillespie. “In the short run it’s going to be painful,” says Hummel, “but in the long run, it’ll be a good thing.”
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President Obama’s inaugural speech Monday makes clear. He won’t be addressing the nation’s unemployment problems or attempting to corral runaway entitlements in his second term. Instead we can expect him to continue to focus on fringe issues that appeal to distinct elements of the Democratic Party’s base — immigration, for instance, and gay marriage. Republican strategist Karl Rove analyzes the President’s speech for the Wall Street Journal.
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U.S. Sen. Tom Coburn warns that the United States has only 2 to 5 years to get its fiscal house in order, or face the likelihood of an economic collapse marked by runaway inflation that could approach 15-18 percent annually. The Oklahoma Republican, a physician, has been given the nickname “Dr. No” because of his vocal opposition to wasteful government spending. He advocates strong entitlement reform, elimination of “waste, fraud and duplication,” and an end to pork-barrel projects, saying “both parties have equally participated in abandoning the limited role of the federal government.”
Coburn outlines his ideas in an interview with Reason.TV’s Nick Gillespie, drawing from the senator’s new book The Debt Bomb: A Bold Plan to Stop Washington from Bankrupting Our Economy. Besides the economy, Coburn also addresses legislation he put into place mandating the creation of the website USASpending.Gov. This tool allows you to see how tax dollars are allocated, showing how much money each agency is spending, who gets the funds and what purposes are being served.
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