The Rising Tide Lifts All Yachts

When I became budget director in 1981 the public debt was 980 billion it's now 32 trillion. We borrowed like crazy 30 trillion of new debt in a lifetime so what we need to do is basically recognize that two trillion annual debts are built in they're baked in the cake. If we can at least bring this defense budget down dramatically we can begin to chip away at that and get back to some level of fiscal sanity but none of it can happen until we bring the Fed back under control.