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The federal
budget has been a disaster as both Democratic and Republican
administrations have run deficits for most of the last 70 years.
After the understandable run-up of debt to fund World War II,
deficit spending continued at a level below the growth of the
economy until the early 1980’s. From a high of about 122% of GDP
during the war, total debt dropped to 32.5% of GDP in 1981.
[See Chart]
Since 1981, the federal budget has become a playground for
pandering politicians who rewarded their special interests by
spending irresponsibly while at the same time reducing taxes.
Their legacy is increasing deficits and the realization Congress
will not be able to deliver on their false promises to young and
old alike. Long after these politicians have finished playing
their funny money games, this borrowed money will be paid back by
our children and grandchildren – with interest.
Congress will not change their profligate spending. Is there any
doubt about their willingness to control spending when the Senate
in January voted down a fiscal commission that would have enforced
fiscal discipline? Congress’ complete lack of fiscal integrity is
the reason I support adopting a Balanced Budget amendment as soon
as possible. While that is pending, I believe citizens must let
every member of Congress know they want a credible plan to reduce
the deficit to a level below GDP growth within 4 years otherwise
they will be voted out of office. To reach this level, I support
reducing the deficit by at least $250 Billion per year which,
based on current estimates, should get us close to that target. |
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"As a very
important source of strength and security cherish public credit.
One method
of preserving it is to use it as sparingly as possible, avoiding
occasions of expense
by cultivating peace… [Use the] time of peace, to discharge the
debts which
unavoidable wars may have occasioned, not ungenerously throwing
upon
posterity the burden which we ourselves ought to bear.”
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