CAN WE BALANCE THE U.S. BUDGET?
June 22, 2010
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, say Reps. Jim Jordan, a Republican from Ohio, sits on the House Budget Committee and Tom Price, a Georgia Republican, is chairman of the Republican Study Committee.
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, say Jordan and Price:
- 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, say Jordan and Price:
- 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 percent 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.
How much more must we borrow and spend before Congress begins to rein it in, ask Jordan and Price?
- 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.
Source: Rep. Jim Jordan and Rep. Tom Price, "Can We Balance the U.S. Budget? Yes, But Only If We Cut Spending," Investor's Business Daily, June 22, 2010.
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