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.

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