From Friday’s Fox News All-Stars.
On the Obama administration adjusting the estimated ten-year deficit up from $7 trillion to $9 trillion:
That is why the word “trillion” ought to be abolished. It does not have the gravitas — the enormity — of the numbers, of the zeros underlying it.
This is a huge increase in the deficit. And if you think of it, this is an estimate over a decade, which means that the annual [deficit] will be nearly $1 trillion. It will be $900 million every year for ten years, which is unsustainable.
It will destroy the dollar. The only way that kind of debt is paid off is not in taxes. It is in inflation. And everyone will see it coming. It will raise interest rates.
This is a crisis in and of itself. And one of the reasons health care is in trouble — there are a lot of reasons — but one of them is Americans understand that when you are looking at [health-care] deficits which are…adding $1 trillion or $1.6 trillion, as the CBO has estimated in the Senate plan, adding that onto it gratuitously is insane.
If there are any increases in taxes — that you’re going to use within health care — those increases in taxes or reductions in spending ought to be to the existing deficit, which will destroy the economy.
On Pelosi and Hoyer’s contradictory statements on the necessity of a public option:
This is a ritual dance. The Democrats understand that if they kill the public option openly and completely today, the left will make endless trouble, needless trouble right now.
All of the intimations that “it’s preferred,” “it’s important,” “we want to keep it,” is a way to douse the rebellion on the left. But in the end, they all understand you can pass it without a public option because, in the end, the bluff on the left to vote against is only a bluff. They are not going to destroy health-care reform — and the president at the same time — over that one issue. The issue is dead, but they cannot admit it.