Representative Tom Price (R-GA) had a great opinion piece in The Hill last Thursday entitled "Stop reckless spending." He points out that the federal government has run a deficit in every year but five, while, lately, deficit spending has reached "previously unimaginable levels." I'll go one step further and call them unsustainable levels, because that's exactly what they are. Representative Price proceeds to paint a less-than-rosy picture of what's to come if we don't get our fiscal house in order…pronto.
"Last year's red ink topped $1.4 trillion, more than tripling the previous record. The picture going forward looks just as horrific. Based on President Obama's approved or requested spending levels, the Congressional Budget Office predicts deficits of $1.5 trillion this year and $1.3 trillion in 2011. From 2012 to 2020, it projects an average deficit of nearly $1 trillion every year. That's equivalent to Congress passing a new TARP each year. Under these conditions, expect our national debt to top $20 trillion well before the end of this decade."
As though there weren't already 100+ places where Congress could start reining in its unbridled spending, Representative Price offers a few suggestions:
- Freeze non-defense discretionary spending at FY 2008 levels (saving $925 billion);
- Cancel unspent stimulus funds (saving $266 billion);
- Prohibit new TARP bailouts and force Fannie Mae and Freddie Mac to compete on a level playing field (saving $46 billion); and my personal favorite…
- Determine a realistic definition of the word “emergency” and stick to it! For too long, Congress has abused the supplemental spending process to heap piles of spending onto the backs of overburdened taxpayers. It’s far past time for lawmakers to account for inevitable emergencies when planning expenditures and to set aside funding for them accordingly.
Good ideas and great op-ed. We couldn’t agree more with the need to stop reckless spending. Now the question is what will YOU do to hold your leaders accountable? Call them, write them, make them listen. And, hey, if none of that works, there’s always November 2.