DEFICITS & NATIONAL DEBT
The federal government’s deficit in 2009 was $1.4 trillion. In 2010 it was $1.3 trillion. And our deficit this year is $1.3 trillion. Over the last three years, Democrats in Washington DC have spent $4 trillion we didn’t have. $4 trillion that we had to borrow. $4 trillion we had to print. If government spending was the answer, Greece would be an economic powerhouse. As Ronald Reagan often reminded us: GOVERNMENT CAN’T SPEND ITS WAY TO PROSPERITY.
Today our national debt stands at a staggering $15 trillion. Our Gross Domestic Product (GDP) this year will be approximately $15 trillion – therefore our national debt equals 100% our GDP. That’s not good. Most leading economists agree that:
• as a country’s debt grows
• its economic growth rates shrink.
Our federal budget was last balanced in 2001. Since then federal revenues have grown 15%. But federal spending has almost doubled. As one can plainly see: we don’t have a revenue problem – we have a spending addiction. We need to send people to Washington who believe NO is an acceptable answer sometimes.
I BELIEVE IN FISCAL COMMON SENSE.
I support rolling back federal spending to the 2008 pre-Obama, pre-stimulus level of approximately $2.9 trillion, which represents a real cut of $700 billion in spending from 2011 levels. I also support a freeze at that level until such time that we have a balanced budget. Based on the Congressional Budget Office revenue projections that assume all expiring tax cuts are extended, the budget would be balanced by 2015.
And since Washington has shown they can’t be trusted with our taxpayer money, I support a balanced budget amendment to the Constitution, which also would limit expenditures to 18% of GDP and require a 2/3 majority of Congress to raise taxes.
I support eliminating all business tax loopholes and corporate welfare so we can lower tax rates for ALL businesses. I also support abolition of the death tax; passing on the results of a lifetime of hard work should be encouraged by government, not penalized.
My parents, with their 10th grade educations, knew they couldn’t spend more than they made. I will carry that simple but powerful message to Washington DC.