UNACCEPTABLE MOUNTAINS OF DEBT
posted by David Rivera
September 28, 2010 , 5:00 PMEarlier this month, the World Economic Forum released its annual competitive rankings of 139 nations. I found the results of the report troubling, to say the least. The United States slipped in the rankings for the second year, dropping to number four.
The WEF sited macroeconomic instability as the main reason for the lower ranking, and it's no wonder that the U.S. scored particularly low in the debt category.
We have a fundamental problem in our country right now. Federal government spending is out of control. That not only hurts our economy now, it leaves future generations buried under mountains of debt.
Every day the U.S. debt is growing exponentially. Democrats passed a nearly $1 trillion stimulus package, and now they want to pass a second one- something that my Democrat opponent has expressed support for.
We have a $13 trillion dollar national debt in this country and while American working families are tightening their belts, Democrat leaders like Nancy Pelosi and Harry Reid wrote a plan last year that doubles the debt in five years and triples it in 10. Imagine if your family's budget worked in the same way.
As Republican Minority Whip Eric Cantor said in an interview this summer, "The people have said, enough with the spending! Enough with taking on more debt!"
The federal government needs to stop spending more money, and start incentivizing the growth of businesses to encourage lasting job creation. The biggest problem our economy is facing is that business owners, especially small business owners are nervous, and are reluctant to start hiring again
That's how we can start to fix this problem, by lowering the tax burden on business owners and making them feel comfortable about hiring again, so that the private sector is creating jobs- not the government.
There's a big decision coming up in January that will affect the growth of the economy for years to come: whether to extend the 2001 and 2003 tax cuts. My opponent is on the record as saying that he believes Congress should let the tax cuts expire.
It is in the best interest of our economy to extend these tax cuts. Why, especially in a struggling economy would we want to raise taxes on small businesses and families? We want businesses, particularly small business job creators, to have enough certainty and confidence in the economy to hire new people.
Even President Obama's former budget director, Peter Orzag, who left the White House last month, agrees with me. In a New York Times Opinion piece published September 6, Orzag wrote "… No one wants to make an already stagnating job market worse over the next year or two, which is exactly what would happen if the cuts expire."
I served in the Florida House for eight years, and during that time I worked to balance eight state budgets. We balanced those budgets without raising taxes, even during times of deficits. We lived within our means.
If American families can do it, if the state of Florida can do it, then the federal government should not be held to a different standard.
As the next Congressman from Florida's 25th District, I will work to continue my record of fiscal responsibility to bring some fiscal sanity to Washington.
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