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Jim DeMint dismisses sequestration, talks of balanced budget in 10 years

Restoring fiscal sanity, one penny at a time.

Former Senator Jim DeMint, who is now president of the Heritage Foundation, appeared on Larry Kudlow’s CNBC show to dismiss the “laughable” sequestration spending cuts – which, as he points out, are not really “cuts” at all.  Spending will continue to grow at a slightly slower, but still “dramatic,” pace.

DeMint wants to hunt far bigger game: a balanced budget within 10 years.  It’s not as difficult as it might seem (especially after listening to the sky-is-falling Obama tactics against sequestration.)  The reason something like the Penny Plan (which cuts a penny out of every dollar of spending for a decade until the budget is balanced) works is that it’s a real spending cut, which also halts the incredible, perpetual growth of spending.  Just taking Uncle Sam’s foot off the fiscal gas pedal and bringing the spending “baseline” to zero would be scored as a “cut” of something like $4 trillion over ten years, in Washington-speak.  Shave another penny off the dollar, throw in some pro-growth tax reform, and we might just avoid bankruptcy.

Written By

John Hayward began his blogging career as a guest writer at Hot Air under the pen name "Doctor Zero," producing a collection of essays entitled Doctor Zero: Year One. He is a great admirer of free-market thinkers such as Arthur Laffer, Milton Friedman, and Thomas Sowell. He writes both political and cultural commentary, including book and movie reviews. An avid fan of horror and fantasy fiction, he has produced an e-book collection of short horror stories entitled Persistent Dread. John is a former staff writer for Human Events. He is a regular guest on the Rusty Humphries radio show, and has appeared on numerous other local and national radio programs, including G. Gordon Liddy, BattleLine, and Dennis Miller.