On Deficits
| By Jack Carter - May 9, 2006 5:34:04 PM ET |
| Also listed in: Featured Bloggers |
Our national deficits arise because we spend more than we collect. We borrow the difference largely from China and Japan. And if we don't pay back these debts, our children or their children will have to.
The Republican-controlled Congress in conjunction with the Bush Administration has proven that our childrens' money is not safe in their hands. They have added $3 Trillion to the debt since 2001, taking it from $6 Trillion to $9 Trillion. The shortfall in 2005 alone according to the U.S. Treasury's financial report was $760 Billion.
Between 1991 and 2002 there was a "pay as you go" policy in place for our government. That policy simply said if you want to spend more money, cut somewhere else or raise taxes. It worked. It was responsible. The Republicans tossed it out. And when the pay-go policy ended, the door opened to a flood of lobbyists in Washington who all wanted their not-so-fair share.
As I mentioned in my first post here at Give 'Em Hell, Harry, I believe that sound business judgment is one of our core American Values. As Senator, I will bring this idea back to Washington by re-introducing common sense business practices. First, I will work to return to the "pay as you go" policy. Such a policy requires fiscal restraint and hard choices, but that is what the Representatives of the people's money are paid for. Second, when there are emergencies like the war in Iraq or the devastation of Hurrican Katrina, I will support an open discussion of the actual costs to address the situation along with ways to raise, monitor and spend the money. It is irresponsible to do it any other way.
The Federal Government must live within its means. We cannot continue to burden future generations with today's spending.
The Republican-controlled Congress in conjunction with the Bush Administration has proven that our childrens' money is not safe in their hands. They have added $3 Trillion to the debt since 2001, taking it from $6 Trillion to $9 Trillion. The shortfall in 2005 alone according to the U.S. Treasury's financial report was $760 Billion.
Between 1991 and 2002 there was a "pay as you go" policy in place for our government. That policy simply said if you want to spend more money, cut somewhere else or raise taxes. It worked. It was responsible. The Republicans tossed it out. And when the pay-go policy ended, the door opened to a flood of lobbyists in Washington who all wanted their not-so-fair share.
As I mentioned in my first post here at Give 'Em Hell, Harry, I believe that sound business judgment is one of our core American Values. As Senator, I will bring this idea back to Washington by re-introducing common sense business practices. First, I will work to return to the "pay as you go" policy. Such a policy requires fiscal restraint and hard choices, but that is what the Representatives of the people's money are paid for. Second, when there are emergencies like the war in Iraq or the devastation of Hurrican Katrina, I will support an open discussion of the actual costs to address the situation along with ways to raise, monitor and spend the money. It is irresponsible to do it any other way.
The Federal Government must live within its means. We cannot continue to burden future generations with today's spending.
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