Congressman Barney Frank has met the enemy. It’s US military spending. You know, defense; that thing that the Constitution calls out as a primary responsibility of government.
The senior Democrat on the House Financial Services Committee says the biggest reason the United States is seeing its credit downgraded is that it spends too much money being "the military policemen of the world."
“Spends too much money” translates to his proposed $200 billion per year defense cut. Left unsaid by the Congressman is the fact that if all DoD spending went to zero, the United States would still have a significant year-to-year deficit and ever-growing debt total.
Traditionally, the first step in the problem solving model was to characterize the problem as specifically and accurately as possible. I must have missed the memo when it changed…