Empty Words from Both Sides on the Debt | Michael D. Tanner | Cato Institute: Commentary

Empty Words from Both Sides on the Debt | Michael D. Tanner | Cato Institute: Commentary: "Last month the Congressional Budget Office reported that Social Security had begun running permanent budget deficits. Medicare is facing future budget shortfalls larger than the entire budgets of most countries.

In response to this looming crisis, President Barack Obama's 2012 budget proposes to ... talk about it.

This gave Republicans an opportunity to seize control of the agenda and demonstrate that their new-found commitment to fiscal discipline was more than simple hostility to Planned Parenthood or the Corporation for Public Broadcasting.

Given this chance, Republicans chose to ... talk about it."

"America is drowning in a sea of red ink. Recent discussion has focused on our $1.65 trillion budget deficit and $14.3 trillion national debt."

"In fact, if the unfunded liabilities of entitlement programs were to be included in our national debt figures, our total future indebtedness could top $127.5 trillion."