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Blogger/Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, April 30, 2009

We Cannot Borrow and Spend our Way to Prosperity

U.S. Rep. John Boozman, 3rd Dist-AR: Last Sunday was Debt Day for the 2009 fiscal year. Debt day is the Day the government starts paying for federal spending by borrowing money rather than using its revenue. This means that all of the money spent from Washington the rest of this year will either be borrowed from other countries or borrowed from future generations, in turn increasing our federal debt dramatically.

It is no secret that the American people are facing a very tough economic climate. Families and small businesses are cutting back on expenses, and millions of Americans have lost their jobs. As retirement accounts dwindle and economic uncertainty continues, many across our nation are looking to the government for leadership during this difficult time.

Instead of supplying real solutions, there has been out-of-control spending by the Democrats through the stimulus package that passed in February increasing the debt by $1 trillion, and the $400 billion omnibus spending bill that only funds the government for seven months. Both bills were passed by Congress and signed into law forcing our children and grandchildren to foot the bill.

Most recently, the President proposed a budget that will dramatically increase the amount of debt in America. According to the Congressional Budget Office, the President’s budget will produce $9.3 trillion in deficits over the next ten years. The national debt will double in eight years, and by 2012, the American people will be paying $1 billion per day in net interest. Members from both parties have declared that the policies are unsustainable.

Sadly, the total debt incurred by the nation as a result of Congress and the Administration will cripple America’s future. The debt per capita is currently about $35,000 and in just eight years it will be $70,000. There are only 111 million federal taxpayers in America. At the rate of spending by this Congress in its first 100 days, congressional leaders have put each taxpayer in debt at the rate of $1,400 a week. Our children and grandchildren will be forced to bear an unprecedented burden as a result of the first 100 days of President Obama’s Administration. Doubling the debt is no solution.

The American people know that we can’t borrow and spend our way back to prosperity. The path to our economic recovery starts with fiscal responsibility in Washington. I believe that the federal government should follow the example set by our nation’s families – tighten the budget and eliminate wasteful spending. The future of America depends on it.

Tags: Arkansas, congressman, debt, federal spending, John Boozman, National Debt To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 6:38 PM - Post Link

2 Comments:

Anonymous Anonymous said...

It was perfectly okay for the Reagan and Bush administrations to borrow trillions from foreign countries to finance tax cuts and unjust wars, but now since its another party its suddenly a crime? I think its utter crap that Democrats and Republicans alike blame each other for the problems. I blame the voter for being uneducated, or for voting on issues like religion, abortion, etc. things that really dont matter but simpletons make a big deal out of.

As long as American's are too foolish to see the fundamental flaw in tax cuts and trickle down economics, they'll be too foolish to see why their spending power is decreasing.

5/21/2009  
Blogger Bill Smith said...

Anonymous has drunk the "cool aid." I think there was one comment somewhat and it was in regard to Bush using taxes to fund a war but then again it was Congress who is responsible for funding the military and supporting war.

The mention of Reagan was definitely absurd. He did not borrow trillions to fund either a war (we were at peace during the Reagan years except for batting down some terrorists). Nor did he borrow to provide finance tax cuts.

Then that when Anonymous states "religion, abortion, etc. things that really don't matter but simpletons make a big deal out of" we she the he or she is out of step with our American culture. Religion is so important in America that freedom of religion is a right under the Constitution and attacks on it needs to be addressed. And I suppose the killing of a child immediately after it is born (also termed "abortion") is "no big deal" to Anonymous.

Announcement advises us that there is a flaw with "tax cuts" - which permits Americans to keep what they have earned. Would this person have all of us to be slaves to our government? At what point do the people get to keep some of their money and not pay for Anonymous and every other person's services and benefits?

Available personal "spending power" is decreasing because of increased and wasteful government spending. In addition, the government is interfering with peoples' lives and "stealing the property and property rights of others" through taxation, by restricting use of property, restricting ownership, by refusing to allow citizens to access and use natural resources, etc. etc. etc.

Anonymous, both I and many others choose not to drink the socialist "cool aid."

5/21/2009  

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