Common Sense

Cavuto: There's very little cutting of anything in WH budget

This budget shaves the increase in spending, but we don't look at things that way, do we?

 

This is a rush transcript from "Your World," May 25, 2017. This copy may not be in its final form and may be updated.

Let's cut to the chase.

Most of this budget, no cuts at all.

Unless you think a cut is slowing the growth of something.

Because there's very little real cutting of anything.

It's true.

Despite the furor that President Trump was gutting Medicaid, what if I told you he is increasing funding for Medicaid?

From $389 billion now to more than half a trillion dollars 10 years from now.

And that 389 billion? That is triple what we were spending on Medicaid back in 2000.

Same with food stamps, a program on which we spent about 17 billion bucks in 2000, more than 71 billion bucks today.

Or social security disability insurance, 56 billion back in 2000, 144 billion today.

Or let's step back and just look at this whole entire cruel, evil budget.

At more than 4 trillion dollars, it is the biggest budget ever submitted by any country ever in the history of Earth, of mankind.

Over the next ten years, it maps out spending of –- are you sitting down? -- more than 55 trillion dollars.

You know what it is supposedly cutting? Nothing, nothing at all, because, like I said, cutting is when you take a figure and reduce that to a lesser figure.

No, this budget shaves the increase in spending over that 10 year period by about 3 and a half trillion dollars.

3.6 trillion to be exact versus 55 trillion in total spending.

So, that's about 3 and a half percent. A rounding error on a rounding error, and an increase in spending overall, just 3.6 trillion dollars less in spending.

But we didn't look at things that way, did we? Do we?

No, we call a budget of more than 4 trillion heartless, even though only 10 years ago that same budget was 2.8 trillion dollars.

Look at it another way these programs I mentioned have been growing at a nearly 10 percent clip, year in and year out. Nothing stops it.

Have you been getting 10 percent pay increases year in and year out? I didn't think so.

That's the problem. This kind of spending is not sustainable.

At the rate we are going, we are worth as a country now getting dwarfed by all we owe in this country.

That's called financial Armageddon, my friends.

We owe more than we have. That's never happened.

And we're closer to it than you think, and those who say it won't happen because we can print money are missing the point.

Printing money only makes the tough choices harder to make.

That's why I think the whole budget should be examined. It's not a matter of taxing too much in this country, but spending too much in this country.

After all, Washington takes in more than 3 and a half trillion dollars in taxes each year. It goes up every year.

Surely, we can make due on 3 and a half trillion dollars every year.

But it is considered heartless to look after the folks paying the bills.

You know what I think is heartless?

Forgetting the fact that they are.

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Neil Cavuto serves as senior vice president, anchor and managing editor for both FOX News Channel (FNC) and FOX Business Network (FBN). He is anchor of FNC's Your World with Cavuto - the number one rated cable news program for the 4 p.m. timeslot - as well as the FNC Saturday show Cavuto on Business. He also hosts Cavuto on FBN weeknights at 8 p.m. In addition to anchoring daily programs and breaking news specials on FNC and FBN, Cavuto oversees business news content for both networks and FNC's weekend business shows, including Bulls & Bears, Forbes on Fox, and Cashin' In. Click here for more on Neil Cavuto.