15,000,000,000,000 + There are so many zeroes included in our national debt – it is tough to wrap your mind around it. Here are a few facts that will put it in perspective for you:
- $48,699: Every American’s share of the national debt
- $13,968: Increase in every American’s share of the debt since President Obama took office
- 40 Cents: Amount borrowed from future generations for every new dollar of government spending
No business balance sheet or family budget can be built on numbers like that and neither can a government. We have kicked the proverbial can to the end of the road now it is time for action.
It is time for the federal government to run its budget like you do. When you run out of money you stop spending. Instead of passing the buck, it is time to make cuts.
If we are going to breathe life into our ailing economy, resume job creation, and save America from bankruptcy, Washington must learn the lessons of the recent past and commit to a permanent fiscal solution.
Did you know that since President Obama took office the national debt has gone up $4,600,000,000,000? That is the most rapid increase under any President ever!
Every year it seems many of my colleagues jump on the budget cutting bandwagon. Cuts and caps are applauded and back slapping ensues, but successes are only temporary. Politics ends up trumping priority, and the spending spree continues.
Common sense tells us we don’t have a taxing problem, we have a spending problem.
The only effective way to control spending is through a balanced budget amendment to the U.S. Constitution.
It was the ultimate goal of the first bill I ever introduced just minutes after being sworn in back in 1985. I kept beating the balanced budget drum and was an original co-sponsor of this idea when it came back up in the 90s. We didn’t succeed back then, but for the sake of future generations we must succeed now.
The amendment would only allow Congress to spend what we have effectively cutting up the national credit card. You have to live within your means, and your government should do the same. Currently 49 states, including Texas, are operating under similar rules.
Only by permanently turning off the “leaking faucet”of federal spending can we truly stop the flood, and save our children and grandchildren from drowning in a sea of debt they did not create.
To reach this goal, I have supported proposals that don’t raise taxes, and instead simplify the tax code, end corporate welfare, preserve Medicare and Social Security, ban earmarks, eliminate hundreds of duplicative programs and drastically reduce the debt and the deficit. Our plan would do all this while creating more than a million new jobs and spurring economic growth.
Our parents and grandparents worked to create the most resilient, dynamic economy in the world. We need to get our debt and spending under control now to ensure that we pass this legacy on to our children.