Guest Blogger: Saving Our Nation From Debt

Rep. Jim Jordan / February 23, 2011

Uncle Sam is spending you into the poorhouse. Taxes, inflation, unemployment, interest rates – all could skyrocket if Washington keeps spending trillions of dollars it doesn’t have. Unless we begin to cut spending now (a lot of spending) these four horsemen of debt will ride roughshod over families and businesses already struggling to get by. Fortunately, we still have a chance to kick the spending addiction and keep the American Dream alive.

What Can’t Go on Forever, Won’t
Between 2007 and today, total federal spending rose by almost 36%. Meanwhile, taxpayers’ personal budgets have headed in the opposite direction. From 2007 to 2009 (the latest data available), median family income actually fell by 4.2%.

As a result, the federal deficit will top $1.6 trillion this year – fueling the increasingly rapid rise of our $14 trillion national debt. It should be obvious to all that today’s reckless spending cannot go on forever. But under the budget recently proposed by President Obama, the federal government never comes close to living within its means. In ten years, his plan sees the national debt almost doubling to $26 trillion. If the President’s economic predictions prove too rosy (as his stimulus predictions certainly did), the problem gets even worse. (more…)