Republicans in Congress aren't the only ones who recognize that our country is headed for a financial disaster due to President Barack Obama and House Speaker Nancy Pelosi's unrealistic and out-of-control spending.
“The nation’s fiscal path is ‘unsustainable,’ and the problem ‘cannot be solved through minor tinkering.’”
The statement above was made by Doug Elmendorf, head of the Congressional Budget Office (CBO) charged with providing"objective, nonpartisan, and timely analyses to aid in economic and budgetary decisions on the wide array of programs covered by the federal budget." Mr. Elmendorf went even further, noting: - Since the first year of the Obama presidency in 2009, the public debt will rise from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President Obama's fiscal 2011 budget is implemented as written.
- CBO forecasts that as a product of gross domestic product (GDP), our national debt will rise from 53% to 90% of GDP under President Obama’s budget. That is the highest since World War II.
Federal Reserve Chairman Ben Bernanke offered similar comments in a speech last week when he said, "Unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth." But Democrats just don't get it. Why control spending when you can just take more money from the American taxpayer? Paul Volcker, former chairman of theFederal Reserve Board under President Jimmy Carter, said “If at the end of the day we need to raise taxes, we should raise taxes.” Democrats continue to place more and greater restrictions on the American economy. Their failed "Stimulus" bills have done next to nothing to get people back to work. And now, their excessive spending threatens not only today's families and businesses, but tomorrow's as well. As I said in my April 15 op-ed published by Investor's Business Daily, "As nagging as the pinch may feel this year, the sad reality is that it's bound to grow far worse in the future - that is, of course, unless Washington moves to repair the deteriorating fiscal health of our country by reining in its out-of-control spending habits." It's time that we take control of our fiscal future - before the Democrats' unsustainable spending leaves a debt that is impossible for future generations to overcome.
Eric Cantor |
Posted via email from freelanceg33k's posterous
0 comments:
Post a Comment