Posted on 05/04/2010 3:25:19 PM PDT by pissant
America’s national debt is “unsustainable” and existing budget challenges “cannot be solved through minor tinkering.” This was the message from Doug Elmendorf, Director of the nonpartisan Congressional Budget Office, when commenting recently on our nation’s fiscal outlook.
According to Elmendorf, public debt is set to reach $20.3 trillion by 2020 under President Obama’s latest budget proposal to Congress. Based on this projection, which takes into account other deficit spending over the last year, the national debt as a percentage of Gross Domestic Product will rise from 53 percent to 90 percent over the same period.
This warning must be taken seriously. Without a renewed commitment to deficit reduction and fiscal responsibility, our nation will continue on a very dangerous path. Still, debt levels continue to rise, future budget priorities are already constrained and our economy and job market are slow to show any visible signs of improvement. This must change.
The expansion of government, whether it is through current health care law, federal bailouts or ineffective economic stimulus plans, is at the center of our nation’s budget problems. As dependency on government grows, such large accumulating debt makes job-killing tax increases all but certain. The Obama Administration has already made clear that it supports raising taxes on income, capital gains and dividends, suggesting a greater probability for future tax increases to cover the cost of government expansion and new entitlements.
Higher taxes today are not the only problem. With every dollar our government spends, we become more reliant on countries such as China to buy our debt. This increases the risk of inflation and a weak U.S. dollar. It also means more earnings will go to pay down this debt and the accumulated interest, which will be carried by future generations. In other words, we are mortgaging America’s future.
The solution is simple. It starts with spending less -- much less. The first step entails a complete overhaul of the federal budget. There must also be a definitive commitment to fiscal responsibility, which I believe can be easily accomplished with a balanced budget amendment to the U.S. Constitution. For workers and businesses, there must be greater flexibility, fewer tax burdens and far less regulation.
This is my commitment to the families, workers and taxpayers in San Diego and across the rest of America who are concerned with spending and a federal government that has become more intrusive with each generation.
PING
now this is my guy...
If only we had heard these voices during the 1st Bush term when the Republicans held power and accelerated the spending spree. Too bad he wasn’t in Gov’t at that time. ;)
Two uber patriots. Notice Duncan L.’s necktie.
I’m glad Hunter is saying it but he and the rest of the GOP were spending like there was no tomorrow when they were in charge and Bush was president. Their spending wasn’t as obscene as Obama’s but it was obscene none-the-less. They need to stop talking and start doing. Hunter can have all the good intentions in the world but he has been in Congress for a long time and either just woke up or has been ineffective. Let the country know a SPECIFIC plan for what the GOP is going to do if it gets to control Congress again. Make it very clear—such as an actual 10% per year spending REDUCTION. And that includes everything. Until that happens this is all just conservative happy talk.
B U M P
Duncan D. was out in the field fighting in the Marine Corps. Duncan L. was busy trying to fund the war while beating back the RINOs on a whole host of issues.
Well, he’s doing about as well as any single congressman can do to date. Like I said, the apple fell close to the tree.
This is the guy who is more like Ronald Reagan than all the others who have even thought about running for president in the last 10 years.
Hunter/Hunter 2012
They got my support if they run.
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