August 25th, 2009 ::
Posted by Eric Cantor
This article appeared in Politico
The mushrooming federal debt poses a grave danger to America’s prosperity, threatening to plunge our economy and future generations into the abyss of stagnant growth and national decline. But given the reckless way the administration is spending your money, you’d never know that the debt is a cause for concern. Staggering sums of money have been tossed around so casually that the very notion of dishing out “trillions” of dollars is no longer a shock to many in Washington.
Today, the administration will release its Mid-Session Review, an update on our economic and budgetary outlook. It will claim savings and do its best to paint a rosy picture of a dreadful landscape in a way that only Washington could be proud of. The problem for the Obama administration is that its credibility has taken a sharp hit over the last several months. Its unsustainable path — paved with the stimulus, bailouts, spending bills and myriad other missteps paid for with IOUs — has exhausted the public’s patience over the mounting debt burden. Racking up massive deficits is troublesome enough. Doing it without creating jobs and strengthening the economy is a national disgrace. When the administration attempts to present itself as a guardian of fiscal responsibility, it has an awfully tough sell.
The facts are disheartening. This year’s deficit is set to swell to more than $1.5 trillion. CBO has estimated that the president’s budget will double the debt in five years, and triple it in 10. Whereas federal spending has averaged about 20 percent of GDP for the last half-century, by 2020 it would rise to 26 percent — and that’s under the assumption the economy has returned to full employment.
In this economy, as families review their own budgets and adjust accordingly, they expect their government to act in a manner that reflects the challenging times we are in. Much of the public frustration with Washington has been evident in town halls across the country, and many Americans believe the administration’s top priority should be cutting the federal deficit in half by the end of his first term.
Instead, the administration seeks to force a massive new government health care program that most people don’t want and certainly cannot afford. And they will do so even if it means imposing new taxes on the middle class and small business job creators. Now is not the time to double down on a deficit that is $2 trillion more than the administration projected, but instead to moderate spending, and move forward responsibly.
Americans simply can’t afford new trillion-dollar programs, hundreds of billions of stimulus funds that still haven’t been spent and the continued bailout culture we’ve seen take shape. Lawmakers must start to govern like adults and be honest about the limits we face — political expediency be damned.
Let’s be clear, there have been times in years past where Republicans have spent too much and made mistakes. But the gravity of the situation today requires that the finger-pointing stop and solution-finding start. I know that congressional Republicans stand ready to lead with an alternative vision based on economic growth, prudent and targeted spending, and empowering small businesses.
President Barack Obama, the man elected last fall to bring the country together, has so far been too afraid to cross his party’s left wing. With the growing national debt posing a mortal threat to U.S. competitiveness, now would be a good time to change course.
