31 Dec 09: Thomas Jefferson stated “Never spend your money before you have earned it.” This maxim applies to governments, as well as individuals. President Obama talks about “laying a new foundation for growth and prosperity — a foundation that will move us from an era of borrow and spend to one where we save and invest.” His words, however, are rhetorical. His administration and a Democrat-controlled Congress are spending and taxing, and increasing the country’s debt to record levels. A balanced budget can be achieved by low tax rates and low to moderate levels of government spending. The way to prevent and reduce debt is to stop the spending spree through budget reform and fiscal discipline. I have a strong conviction that people are responsible for solving their own social and economic problems. This can be done with a minimum of government interference or assistance.
When I am in Washington, I will work hard to move the country to adopt budget reform and exercise fiscal discipline.