12/16/10 Return to Fiscal Sanity
Let’s hope the new politicians arriving in Washington next month don’t stick it to the country with any more irresponsible spending. We’ve witnessed a total collapse of fiscal discipline. At the federal level it took America two centuries to accumulate a 9 trillion dollar national debt. It skyrocketed to nearly $14 trillion in just the past two years.
Washington politicians have spent about $4 trillion this year. $200 billion in interest payments alone just to service the national debt. If federal spending were cut in half — it would plunge this nation back to the dark ages of —- 2002! WeÃ¢Â€Â™ve doubled federal spending in just a handful of years. We are not two times better off today than 8 years ago.
Raising taxes is not the answer. If everyone making $75,000 or more was taxed at 100%, the IRS would collect almost $4 trillion Ã¢Â€Â“ just enough to cover todayÃ¢Â€Â™s federal spending.
Washington doesnÃ¢Â€Â™t have a revenue problem. It has a spending problem. And it’s not the fault of only one party or any single president. There is plenty of blame to go around. Americans are making sacrifices everyday. Meanwhile, Washington politicians are writing bad checks and making empty promises.
We can’t ignore the tough choices any longer. We must return to fiscal sanity.