President Obama’s State of the Union speech last night had some nice rhetoric about freezing spending. But not most spending—just 12% of the budget. What good is that?
The president did at least acknowledge that America is in debt trouble that that in the future we must cut defense and entitlements, but he didn’t propose any such cuts. Most of his speech was about new things the government should do. Bad idea.
So I gave my own speech about the real State of the Union. That’s also what I write about in my column this week. Here’s part of it:
We're in deep trouble.
You know why. Our debt has passed $14 trillion, and yet our current spending plans will make that worse. The U.S. debt will reach Greek levels in just 10 years. …
So what should we get rid of?
We start by closing the Department of Education, which saves $100 billion a year. Education ought to be in the free market. It's insane to take money from states only to launder it through Washington and then return it to states.
Next, we should close the Department of Housing and Urban Development: $41 billion. We had plenty of housing in America before a department was created. Let's get government out of that business.
Then we eliminate the Commerce Department…
For the full list, tune in to my Fox Business Network show this Thursday night at 9pm/midnight ET.