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The current majority in Congress and the Obama administration have routinely tried to convince Americans that we have to spend our way out of debt.
The new modern-day axiom of the left has become "The more the government spends, the more we save." If this sounds absurd, it should.
Due to the reckless spending of Washington, every man, woman and child in America is now responsible for $42,000 of the national debt. Yet this does not seem to startle the ruling Democratic party.
Even with high unemployment and Americans struggling to make ends meet, Congress has continued its spending spree, courtesy of the American taxpayer and foreign banks.
This year, the federal government will take in about $2.1 trillion in revenue while spending $3.6 trillion.
For the average American, it's equivalent to spending $85,000 on a $50,000-per-year salary. That is unsustainable.
Most families could not afford to put an extra $35,000 on their credit card, even for one year.But the federal government plans to do it for the next nine years.
Both parties are to blame. Federal spending increased from $2.7 trillion under the last year of a Republican Congress in 2007 to a projected $3.6 trillion under Democratic control in 2010. During that time, our national debt has increased by 50% to $13 trillion.
Astonishingly, we have added more to the national debt in the past five years ($5 trillion) than was added under the first 41 presidents, combined.
Time To Act Is Now
How much more must we borrow and spend before Congress begins to rein it in?
The interest on our debt alone is unsustainable. This year, we are estimated to pay $209 billion, and within 10 years, annual interest payments on our debt are expected to reach almost a trillion dollars.
That is equivalent to Congress passing new TARP legislation every year.
In the span of a year, Americans have grown increasingly more engaged and vocal about how the government recklessly spends their money. Town halls across the country, repeated protests in Washington and a growing, independent Tea Party movement mark an active change in attitude from taxpayers across the country.
Washington might want to pay attention.
Conscious of how unsustainable this trajectory has become, the Republican Study Committee — the conservative core of Republican representatives in Congress — has, once again, offered a balanced budget.
With our nation headed toward a financial cliff, there is an urgent need and a will among the American people to change course and put our fiscal house in order.
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Posted By: Osamas_Pajamas(45) on 6/22/2010 | 1:31 AM ET
Go after Uncle Sam --- by whicc I mean "every level of American government" --- with a meat axe. Chop off his hands and feet and make that critter boogey on the bloody stumps.
Posted By: breakthebank(510) on 6/21/2010 | 11:45 PM ET
Is the circus in town? Nice dog and pony show, and I see the elephants are still in the building! Elect me! Elect me! We got a balance budget! This is why Obanna is going to get elected again same dumba$$ sham. You guys want my Vote? CUT CUT CUT, spending, entitlements, S.S., Medicare, Medicaid, OBanna care, Cap and Trade, OSHA, DOA, Cut it all, prove to me your don't care if you get re-elected or not! Give up the power, return my freedoms and liberties, Save America for our kids
Posted By: Fargo Vortac(290) on 6/21/2010 | 11:23 PM ET
... (cont'd) pay taxes so that these powers-that-be can buy votes to enable them to stay in power and get more and more into my life and personal business.
Posted By: Fargo Vortac(290) on 6/21/2010 | 11:20 PM ET
Whenever I read about a budget item or proposal for federal spending, I think to myself, "Given a choice, would I voluntarily contribute to this expense?" I'm usually good with defense spending, as I think it's more economical to deal from strength and thus have less need to actually fight wars. Same thing with FBI (countering domestic enemies), CIA (foreign enemies), Medicare, SS, and so on. However, earmarks for projects on state or local levels are not the province of the Feds. I do not...
Posted By: thebassman(860) on 6/21/2010 | 9:38 PM ET
My grandson is just over 1 yr old. Thanks to the incopetent thieves (actually, guess they are competent thieves) in Congress, he is already over 42k in debt. At the rate they are going, will be 250k or more by time he gets out of high school. How is that sustainable? Answer of course is it's not. All pols are to blame, so are majority of US (voters). WAKE UP AMERICA!
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