8 Jan 10: The current administration is moving away from traditional capitalist principles. There have been a number of government programs that were not founded on the principle of capitalism, including the Wall Street Bailout, “Cash for Clunkers,” and the failed stimulus.
The administration’s answer to many problems has been to borrow and spend. Congress has voted to increase the national debt limit from $12.1 to $13.6 trillion. This is just the beginning of bad decisions based on politics and not on true economic principles – debt today is 56% of the economy, but is expected to reach 320% by 2050. Even the White House’s mid-session budget review forecast that the nation’s budget would create $9 trillion in new budget deficits over the next decade. This is in excess of our already existing debt. Unbelievably, this is more than the total debt that the country accumulated from 1989 to 2008 combined! On the campaign trail, the President talked about cleaning up the budget and eliminating wasteful spending. This is another broken campaign promise.
As U.S. Representative, I will work diligently with others who think like me to have Congress move away from its current “borrow and spend” rut. Capitalism must remain the basis of our economy.