Mark Levin is a national treasure. He did something unusual on his most recent Fox News program Sunday night.
With all the chatter about the “debt limit,” Levin went the source – the May 2023 Government Accountability Office report, entitled, “The Nation’s Fiscal House: Road Map Needed to Address Projected Unsustainable Debt Levels.”
Remember, the GAO is primarily a Joe Biden arm of the government. But neither Levin nor I could find a significant reference to this report in the media – not by Republican sources or Democratic ones. Curious, isn’t it?
The GAO is the agency that finds things – like the missing $85 million in F-35 Joint Strike Fighter spare parts. But worse than the unknown amount of “lost, damaged or destroyed” taxpayer-funded equipment is fact that the F-35 Joint program office lacks the ability even to be aware of what spare parts are out in the world, thanks to how the supply chain for the fighter is set up.
In other words, you hear about the GAO all the time – just not stories on disastrous reports like this one.
The report was issued to every leader in Congress by the executive branch. It says: “The federal government faces an unsustainable long-term fiscal future. Long-term projections from the Office of Management and Budget and the Treasury, the Congressional Budget Office and the GAO all show that the balance of current revenue and program spending policies result in debt growing faster than the economy. This is unsustainable over the long term.”
“The government never writes like this,” Levin points out.
The report continues: “The fiscal year 2022 federal deficit was among the highest in American history. This occurred even though revenue growth has been strong and federal COVID-19 relief spending has declined from recent years. In addition, the cost of financing the debt increased from prior years because interest rates rose substantially in fiscal year 2022. Rising debt, relative to economic growth, could increase borrowing costs for both the federal government and private borrowers and could slow economic growth. CBO has stated that high and rising federal debt as a share a share of the economy increases the risk of a fiscal crisis. The underlying conditions driving the unsustainable fiscal outlook pose serious economic, security, and social challenges if not addressed.”
Levin adds, “What they are trying to say is the economy could collapse.”
But the report gets worse. It says: “For most the nation’s history, the government’s debt held by the public as a share of GDP has increased during wartime and recessions but decreased during peacetime and economic expansions. Most recently this pattern has changed. Debt held by the public as a share of GDP grew during three of the four most recent economic expansions.”
He then read a similarly gloomy report from Social Security. It says it will not be solvent as of 2033 – just 10 years from now.
You have to wonder what Congress was doing during the recent debt crisis. For them it was only a “crisis” because not increasing the debt limit meant they’d have to act responsibly.
I urge you to see the video take of Levin’s program below. He believes like I do that the negotiations between Speaker of the House Kevin McCarthy and Biden were just a dog-and-pony show for the most part. He says the parties are incapable of doing any better – and he has a novel idea who can.
Mark Levin is not called “The Great One” for nothing.
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