James Madison said: “A public debt is a public curse.” For too long, lawmakers have come to Washington with a promise to curb the government, only to succumb to popularity gains with large spending programs.
This approach has buried “We, the people“under an almost incalculable national debt of $ 31 trillion, which has eclipsed the size of our entire economy, with more trillions on the way.
The cause of these insensitive deficits does not lie in taxing families too little. In fact, Americans will pay $ 4.8 trillion in federal taxes this year, which is nearly $ 1 trillion more than what they paid before 2019 after inflation.
This year, for the first time ever, the federal government will raise more than 10% of the entire US economy in tax revenue. But even rising taxes can’t keep up with federal spending now exceeding $ 44,000 per household. Do you think you are getting your money’s worth?
SEC WHITE HOUSE PRESS SAYS “WE DONE THE WORK” TO LOWER COSTS FOR FAMILIES IN A RECORDING INFLATION
Meanwhile, President Biden has already signed huge spending bills, including $ 1.9 trillion for “stimulus,” $ 1.2 trillion for green infrastructure, $ 500 billion for an ObamaCare expansion and a design. climate law and, most recently, an executive order to spend $ 600 billion on bailout student loans.
Overall, this administration has added nearly $ 5 trillion in new spending, according to the bipartisan committee on a responsible federal budget. Wait, it gets worse! Washington is poised to borrow an extra $ 16 trillion over the next decade and a staggering $ 114 trillion over three decades.
These numbers are too big to understand. Here’s a perspective:
Within a decade, the United States will spend more just on paying interest on the national debt than on our entire defense budget. Two decades later, interest payments will become the largest item in the entire federal budget, consuming nearly half of our federal taxes. That hard-earned tax money spent on interest won’t help a single senior or veteran, won’t fund a single troop or open a single path.
To say that our current fiscal path is unsustainable is the understatement of the century. A debt crisis would result in a painful economic collapse, along with higher taxes and inflation, rising interest rates, and falling household income.
AMERICANS WANT A BALANCED FEDERAL BUDGET – POLL SHOWS BIPARTISAN MAJORITY READY TO PUT THE TAX HOUSE IN ORDER
There is no shortage of faults to turn. Democrats have spent too much and put expensive programs on autopilot. Republicans have traditionally been the party of fiscal responsibility, but have lost their way in recent years by forgoing budgetary controls such as spending limits and payment arrangements.
Voters are ready to give Republicans a majority in the House this November and provide the GOP with an opportunity to restore sanity in our nation’s capital. If we move away from this moment, we may miss the last window of opportunity to right the ship before it crashes, along with our children’s future.
In every season and in the face of every challenge, from world wars to economic depressions, our fathers and grandfathers made the sacrifices necessary to preserve the blessings of freedom and opportunity. The time has come for our nation’s leaders to rise to the occasion, set aside personal interests and work together to avert a potentially catastrophic economic crisis.
This is why I worked with Representative Scott Peters, D-California, to establish and lead the bipartisan “30 by 30” Budget Reform Caucus.
We started as a dedicated group of 30 Republicans and 30 Democrats working together to address the disrupted budget process that contributed to our runaway debt. And, while not noteworthy by Washington standards, we have found a bipartisan consensus on significant budget reforms and even passed an out-of-house law calling for an annual “State of the Union fiscal”.
However, we need to do more, and a majority in the GOP House will present an opportunity for a new vision, a new agenda, and a renewed commitment to addressing America’s greatest threat of the 21st century.
First, we need to put our tax house in order by approving timely, accountable and realistic budgets and applying them without gimmicks.
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Second, we must work with our fellow Democrats to repair the disrupted budget process that allows Congress to shirk its fiduciary duty without accountability or consequences.
Third, we need to start addressing the drivers of real debt – the mandatory spending programs – that are accelerating deficits and crowding out important discretionary spending, such as infrastructure and defense.
We didn’t get into this overnight mess and it will definitely take some time to get out of it. At this point, there are no quick, easy, or painless fixes.
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If we don’t prioritize tax reforms and continue to do politics as usual, Congress will eventually bankrupt the largest country in human history and irreparably undermine America’s influence in the world. At that point, the only options will be severe: massive new taxes, drastic cuts to virtually all federal programs, hyperinflation, or all of the above.
Let’s face it: the new Republican majority has a historic opportunity to demonstrate the sense of urgency and political courage it will take to rein in the federal government, restore fiscal responsibility, and “reverse the curse” that hangs over our children before. it’s too late.
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