Hey Mitt, I’ll see Your China Debt and Raise you an F35 Program - Page 2
But a jihad against social programs is hardly the whole story. For example: One of the reasons we are so concerned about the government of Egypt is that we provide $2 billion annually in foreign aid to that country. That money is limited to use for defense purchasing and it is stipulated that it must be used to buy weapons from US companies.
Back in the hood, we call that money laundering – washing tax payer dollars through a third party and into the hands of the corporate sector. But without a stable Egypt, friendly to Israel, politicians and corporations have no bathtub in which to wash those billions.
The Pentagon is larded up with this kind of waste. As we noted, one weapons program is expensive enough – by itself – to pay back China. Overfunding – providing more than military leaders say they need – is part of every annual defense appropriation. Is that worth borrowing from China to fund?
Members of both parties are guilty. Last year, Congress appropriated 3.1 billion more to the Pentagon than military officials wanted. Eliminate only the money that Congress gives that the Pentagon doesn’t want and the 10 year savings is one-third of the total China debt (That’s additional on top of the earmarked weapons “aid” mentioned above.)
Another simple solution for Mr. Romney, should he find himself in the big chair, would be to not expand Pentagon spending by $150 billion each year as he has said he will do. That’s his larding up of the budget; 10-year cost, $1.5 trillion. That’s enough to pay the entire China debt and the entire Cayman Banks debt – and then some. Is Romney really serious about cutting our national debt? It doesn’t appear so.
So yes, Mr. Romney is right to say that we need to work on reducing the national debt. And he is right to say that we can do it. But none of the ways we can do it are ones that he – or any other Republican – will consider.