Friday, March 18, 2011

McCarthy: The national debt is unsustainable and will burden the next generation

 Rep. Kevin McCarthy, (R-Bakersfield) and House Majority Whip, gives us his weekly view from Capitol Hill. In his words:

 "Whenever I get a chance, I like to visit our local schools to talk with the students. And like many of you with kids in high school, I enjoy hearing about their plans after graduation  No doubt, the decisions they make today will shape their future. Each student has a different hope and a different dream, and I am determined to ensure America remains the country in which those hopes and dreams can be achieved.  
 "I fundamentally believe that cutting federal spending will allow more private sector employers to invest in job creation and foster economic growth. The more government borrows, spends and regulates, the harder it is for businesses to access capital and create jobs.  
 "With unsustainable deficits and a growing national debt, it is the next generation that will bear the burden of these costs. That is unacceptable. In the last four years, our national debt has grown from $8.67 trillion to over $14 trillion, a 63 percent increase. President Obama’s annual budget deficit is averaging 9.7 percent of Gross Domestic Product (GDP). 
 "As reported recently, very few deficits in American history have even exceeded 6 percent of GDP, and those were all during times of war or under the Obama Administration. For 21 straight months, unemployment has remained at or above 9 percent, and is even higher in our district. Since January 2009, nearly 4 million jobs have been lost.
This cannot be allowed to continue, which is why House Republicans have taken immediate steps to repeal Obamacare, repeal the onerous 1099 tax requirement and cut federal spending.  You will see in the coming months a budget proposal that takes necessary steps to save and preserve Social Security, Medicare and Medicaid for future generations and will not fund Obamacare.  We must have an open and honest discussion about this so we can kick Washington’s dangerous spending habits and bring economic stability to the private sector.
 "Right now, 40 cents of every dollar spent is borrowed money. We simply cannot continue down this path. Just like families across the country, the government must tighten its belt. House Republicans will keep fighting for our families every day with common sense solutions aimed at getting people back to work.  But this will not happen as long as Senate Democrats and the Obama Administration continue to sit on the sidelines on this year’s budget and long-term spending commitments. I have long been told that in any job, you should be first one in and the last one to leave.  Operating under continuing short-term resolutions is not the best approach to governing, which is why Democrats need to step up to the plate and join us in taking serious steps toward getting our country back on the path to prosperity. 
"The American people were clear last November that they want a new direction.  And when the high school seniors of today enter our local economy, I am determined that they see a nation back on track to a better future.

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