For years the United States has continued to spend more than it has taken in. This has led to record debt and just the interest payment on the debt has become a significant portion of our annual obligations.
Our country does not have a revenue problem, it has a spending problem. Over numerous administrations and various tax rates, the United States has averaged revenues of 19% of GDP. Currently our spending is around 23% of GDP. It is incredibly obvious that we need to lower spending.
In 2006, then Senator Obama said it for himself, “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on continued financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”
It is simple, cut spending instead of raising the debt ceiling.
Yes, we voted with our heads. Cut, Cut, Cut when, where and what is necessary such as with our own households. We are only spending on Food, Gas, Roof over our heads and whatever free and sometimes a little cost for entertainment. We’ll be on welfare if the Pres takes away our Social Security—–and I know he’s ruining America on purpose—- or will we be camping in the forest instead of being in an Apartment for that roof over our heads. But still I say CUT, CUT, CUT. That’s how important it is to get the Debt down now. We must Save America Now!!!!!!!!!
Some government spending is obviously essential, defense, courts, etc. Necessary or not, ALL government spending degrades the economy. All revenues of significance result from taxes, borrowing, or, worst of all, blindly printing cash. Taxes take money from entities that could be hiring workers. Borrowing uses up available credit so much less is available for the private sector. Printing destroys the value of our dollar. Cash savings, such as my retirement, dwindle. Obama is either clueless or it is all intentional. I believe it is the latter. Bringing “American’s Chickens Home To Roost.”