Last week President Obama spoke of fiscal discipline and promised to pay “for what we spent on my watch.” He went on to note correctly that “if we don’t take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -– all of which would have an even worse effect on our job growth and family incomes.” I was impressed and encouraged by the president’s remarks. Unfortunately, his actions did not match his words.
The president’s budget released today contains more spending, more taxes, and more debt. According to news sources, White House spokesman Dan Pfeiffer said yesterday that the White House would really like “to draw a line in the sand and enforce some discipline in the spending process.” If that is true, why is the Administration proposing a budget that more than doubles the debt, drives spending to a new record of $3.8 trillion in FY2011, pushes the deficit to a new record of $1.6 trillion in FY2010, and raises taxes by over $2 trillion through 2020?
Our nation is facing an urgent financial crisis. Today, the individual share of the national debt for every woman, man, and child in the U.S is $39,870. This debt is almost entirely comprised of new spending that our children and grandchildren will be forced to repay with interest. I believe it is time to stop spending our children’s future. As Thomas Jefferson prophetically observed, “Loading the nation with debt and leaving it for the following generations to pay is morally irresponsible.”
Elected officials in Washington must start doing what they say. If they promise to cut spending, then they need to cut spending. Common sense tells you that spending more to save more is not a logical fiscal policy. The president has said he will “continue to go through the budget, line by line, page by page, to eliminate programs that we can’t afford and don’t work.” As a member of the Appropriations Committee, I would urge the president to include Republicans in that process. Hopefully we can move beyond the rhetoric and achieve real savings for the American people.
The DOE announces “President Obama’s FY 2011 budget seeks $760.4 million for the Office of Fossil Energy to support improved energy security and rapid development of climate-oriented technology. The request includes $586.6 million for Fossil Energy Research and Development, $138.9 million for the Strategic Petroleum Reserve, $11.3 million for the Northeast Heating Oil Reserve and $23.6 million for the Naval Petroleum Reserves”.
Federal Government expenditures in support of Fossil Energy Reserch and Development have never produced any valut to anyone. As a member of the oil industry for over 30 years, I learned long ago that DOE research is not a useful source of information.
May I suggest this is one place where the Federal Government can cut expenditures and reduce the profilgate deficit.
We have a system in which both parties are not responsible with spending. Democrats are worse for sure. Not saying this applies to you John.
It has taken decades to bring this country into 14 trillion in debt, 1 party is not guilty of this BOTH are and the PEOPLE are to blame as well. We elect these people back into office year in and year out. Also the entitlements people expect are what is causing most of this reckless spending. Here is a simple solution:
*Cut 50-70% of the Federal Employee headcount/payroll
*And when doing that dismantle most of the Federal agencies that are not needed like Dept of Education, Dept of the Interior, EPA, FDA, and the list could go on and on.
*Ax all the pork and waste immediately, anything that is not essential to protecting our borders or keeping our infrastructure strong.
*Eliminate all foreign aid, I know this sounds heartless but this is more debt, how can we claim to help other ailing nations when we have to go into debt to do it?
*Call home ALL our military abroad and have them come home and focus on protecting our borders! The money saved would be huge. Then these troops could seal our borders and stop illegals from coming in, and yes including radical Islamic terrorists who come in via Canada and Mexico! (why are we fighting other nations wars!!!???)
I am sure I am missing something else but you get the point. The solution is easy and really right in front of us. The result is massive pain for the non-productive govt workers who will be impacted but with the savings you could pay to train these laid off workers for other jobs.
With the savings we could reinvest into rebuilding Americas MANUFACTURING BASE. I found it laughable when Obama said he is going to double our exports, ok with what products!? We could take the savings and give businesses incentive to stay in America.
While we are at it, lets allow China’s currency to devalue to the tune of the 40% less it should be. Lets recall all the foolish laws passed such as NAFTA that has caused mass exiting of US based manufacturing. Politicians have caused all this mess with their foolish policies like this
With the savings take that money and pay off our debt year over year until its paid off. Until and unless we make these painful steps our great country will go the wayside of collapse, hyperinflation, and 3rd world status. Its inevitable unless we take radical steps to stop this insane spending. The damage might be already done and irreversible. If so this country is going to collapse and the USD become worthless like currency did in Zimbabwe and Germanys Weimar Republic.
The White House Budget will of course be reviewed by the CBO. I have no reason to question their analysis. However, most do not know that their figures reflect only Federal expenditures and not the effect on state and local government programs. To tout only the Federal figures might be considered to be misleading. dishonest, a sin of omission.
Time for the truth squad to get out the true message.