Morning Bell: Get To Work On Spending Cuts

Conn Carroll / November 04, 2010

On October 15, 2008, well after the financial collapse had begun, President Barack Obama promised the American people during the third presidential debate: “What I’ve done throughout this campaign is to propose a net spending cut.” The verdict is out on how many Americans believed President Obama then, but the verdict is in on his first two years in office: instead of a net spending cut, federal spending has exploded. Since 2008, federal spending has surged from $25,000 to $30,000 per household. And under President Obama’s budget it would reach $36,000 per household by 2020. Even if Congress allowed President Obama’s preferred tax hikes to become law, his budget would double the national debt to more than $20 trillion by 2020.

With these facts in mind, CBS News’ Chip Reid asked the President yesterday: “Republicans say more than anything else what this election was about was spending. … Do you accept the fact that any kind of spending to create jobs is dead at this point?” The President responded: “I think the American people are absolutely concerned about spending and debt — and deficits.” Good for the President for acknowledging these concerns. But after providing lip service to concerns about spending the President then went on to talk about all the “investments” he wanted to make in supertrains, supercomputers, and Singapore’s airport. The President just can’t help himself: he is addicted to federal spending. And it is the next Congress’ job to make him stop.

Congress must craft a solution for our nation’s long term entitlement spending problems. But our nation’s economy also needs a strong signal that this Congress is serious about cutting spending now. That will let job creators know that their taxes are not destined to be higher. Specifically, Congress must Get to Work immediately: (more…)