News for the Ninth - 10.09.2009 |
 |
 |
| Local Blogs - News for the Ninth |
| Friday, 09 October 2009 |
|
There was a very disturbing headline last week that read: “We’re Broke, Time for a New Tax,” from CNNMoney.com. The article went onto explain that because of the out-of-control spending by this administration and the liberals in Congress, some are considering the creation of a value-added tax on top of the federal income tax. That means almost every American would be taxed for purchasing everything from sweaters to eating out. Even if you ignore the fact that the president promised during the political season that he wouldn’t tax those making less than $250,000, you can’t ignore how we have arrived at a place where our national debt is resting at about $12 trillion and there is misguided talk about a second stimulus package. Then, of course, there is the cap-and-tax bill that would cost families more than $1,700 a year in energy-related costs and government-controlled health care that would cost at least $1 trillion. All of this is a result of something that has frustrated me since day 1 of my time in Congress, and has unfortunately become a reality in government - - this president and this Congress refuse to balance your taxpayer checkbook and instead choose to dip into our coffers without overdraft protection. Since enactment of the so-called stimulus, at a cost of $1.1 trillion including interest, the Majority and the administration have enacted a $410 billion omnibus spending bill, a $105.8 billion supplemental budget for the current fiscal year including tens of billions of non-defense spending, and a spending plan for next fiscal year’s regular appropriations process that exceeds $1 trillion for only the second time in U.S. history and is $77 billion above last year. Meanwhile, Medicare and Social Security’s solvency both worsened substantially. Social Security’s total unfunded obligations amount to $15.1 trillion and Medicare’s amount to $88.9 trillion. As of this year, the date at which the Social Security Trust Fund is projected to be exhausted has moved up four years to 2041 from 2037, while Medicare’s Trust Fund is projected to be exhausted in 2017, two years sooner than previously forecasted. In an effort to ensure that taxpayer dollars are used wisely and to ensure economic stability for future generations, I have co-sponsored a bipartisan balanced budget constitutional amendment forcing Congress to enact fiscally responsible spending measures, reduce the deficit and ensure that the money our citizens work so hard to earn is not squandered on wasteful spending and programs. The measure prohibits Congress from spending more than it receives in revenues, requires the president to submit a balanced budget to Congress, and requires a 3/5 majority vote to increase the debt limit, while also providing an exception in times of national emergencies. A constitutional amendment will force Congress to eliminate unnecessary and wasteful spending and make the decisions necessary to balance the budget and eliminate the federal deficit. Currently, 49 of 50 state governments, including Missouri, have a balanced budget requirement. We have certainly gone down the wrong path, and creating new taxes to help pay for reckless spending is a recipe for further economic woes because it places the burden on hard-working Americans who know better than this government that balancing your checkbook and spending within your means makes sense. When we get spending under control, we can create jobs by cutting taxes that will allow families to dig out of the economic hole this out-of-control government spending has created. |
Articles posted to the WashMo.com Local Blogs section are the opinions of the authors and not necessarily that of WashMo.com or WashMo Media, LLC.
