Austerity measures in Europe have been the topic of a heated and mostly confused debate in the economic world. During the May summit of the leading industrial nations at Camp David, German chancellor Angela Merkel and other European leaders pushed for continued European austerity. Keynesian critics argue that these policies destroy economic growth.

Two months ago, the House adopted a budget resolution that outlines the Republican majority's ambitious plans to slow the growth of federal entitlement spending. If implemented properly, entitlement spending restraint can address the long-term fiscal imbalance in a way that promotes economic growth and freedom.

In the run-up to this weekend's G-8 summit at Camp David, journalists have unfavorably compared European "austerity" with Barack Obama's economic policies.

Under current law, the U.S. Department of Defense automatically faces significant spending cuts over the next 10 years—cuts that america's civilian and military leaders have cadidly described as "devastating" and "very high risk."

The process in which the voices of voters as registered in elections and polls are transformed into changes in public policy is rough and ready, with plenty of trial and error. But for all its imperfections the political market seems to work.

The same money can't be spent twice. ObamaCare tries to do precisely that, and the government will have to borrow the difference.

The primary drivers of our growing debt burden are the “Big 3” entitlements of Social Security, Medicare and Medicaid. Yet as part of the debt ceiling deal that created sequestration when the Super Committee failed, politicians effectively fenced off nearly two-thirds of the federal budget and the main source of our over-spending. 

America is nearing a decisive moment.  Unless Congress acts to change current law, automatic sequestration cuts will slash future spending on national defense across-the-board by over $500 billion beginning early next year.