Common Sense

Cavuto: Why I'm worried about the debt

Nobody is doing much about it


Here's why I'm worried about the debt.

No one else is.

It's true.

I know Republicans whine about it, but fact is, they don't do much about it.

Even when the president submits a budget that comes up half a trillion short paying for it.

It's one thing for him to submit a budget that starts in the red.

Congress offering little more than lip-service on his adding that to our $18 trillion debt has me seeing red.

And then Wall Street pros themselves poo-poo'ing all this drunken spending stupor, wow, that really has me seeing red.

It hit me while watching my friend and colleague Maria Bartiromo's show on Fox Business Network this morning, which, if you don't get, you really should demand, and here's why you'll catch the darndest people saying the darndest things like these two financial brainiacs telling Maria these deficits and debt issues, for that matter, don't matter.

I think it was Bob Doll of Nuveen Investments who told Maria that interest rates are so low, we can easily afford this debt, and if and when those rates do rise, sure the carrying costs of that debt rise, but so do the revenues that come in because they would reflect an improving economy.

Maria wasn't the only one taken aback so was I.

It's one thing to dismiss spending more than we have, but laugh at the notion we should do something about this now?

No wonder the president just abandoned those sequestration cuts he obviously figures austerity is so 2013.

You'd think this economic nirvannah he talks about is going to last forever that these deficits that really aren't that big a percentage of our GDP, are a sign, "gee, things must be great."

Paul Ryan would tell you, they won't be great for long.

And even the congressional budget office agrees, in just a few years, the retiring baby boom generation will once again send entitlement spending soaring, and those deficits right along with it.

I guess I sound like the boy who cried wolf.

Everyone knows the story he cried it so often that after a while folks stopped listening.

Until a wolf really did show up, and no one could fathom what was happening.

Because despite all the warnings, no one saw it coming.

Except the boy.

And oh yea, the wolf.