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From Congressman Mac Thornberry
One of the most common questions I receive is, “why doesn’t Washington just stop spending so much?” People are alarmed that the economy remains weak, unemployment remains high, and government spending is out-of-control. We are taking on more and more debt that threatens to sink our economy. Federal spending and deficits are increasing at levels unseen since World War II.
Let me share a real-life example of how serious the situation has become. In late January, I had the privilege of speaking to a group of high school seniors from Randall High School in Amarillo about the nation’s financial situation. At that time, each student’s share of the national debt was about $39,000. Less than seven months later, each share of that debt is $42,739 –an increase of nearly 10 percent.
The Congressional Budget Office issued a stern warning earlier this week that “unless policymakers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels.” Economists remain concerned as well, forecasting that U.S. economic recovery will remain slow deep into next year, as consumers remain reluctant to spend and employers hesitant to hire.
Our way of life and our economy are in jeopardy because our government spends too much and taxes too much. The result is a weak economy and an astounding $13.1 trillion dollar debt.
Some say we must increase revenues and keep up the spending in order to jump start the economy. Increasing revenues is another term for raising taxes. And that would be the absolute wrong thing to do. Cutting spending and removing some of government’s stranglehold over the marketplace are essential.
Let me know what you think about the economy and government spending. I always appreciate hearing from you on issues that come before Congress. I also welcome your ideas to get America back on the right track.
From Texas Insider Online
Posted August 4, 2010
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