This week pundits were excited that President Obama signed a bill that resolved what they called the "debt-ceiling crisis." In their minds, failing to increase the government's borrowing limit would lead to an economic disaster. They missed the point.
In my syndicated column this week, I talk about the real problem.
The problem is that Republicans and Democrats under Bush and President Obama doubled spending.
The solution is to cut spending. Allowing more borrowing is the sideshow.
It's not hard to balance the budget. On my show, we made enough cuts to create a $237 billion surplus. I cut whole departments, like Education and Commerce. I cut two-thirds of the Defense Department (which still leaves it much bigger than China's). I indexed Medicare, Medicaid and Social Security to inflation, raised the retirement age, and took away benefits for rich people.
Those are some possible cuts. Most people wouldn't notice the difference. Read the rest here.