“As we peer into society’s future, we — you and I, and our government — must avoid the impulse to live only for today, plundering, for our own ease and convenience, the precious resources of tomorrow. We cannot mortgage the material assets of our grandchildren without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generations to come, not to become the insolvent phantom of tomorrow.” Dwight D. Eisenhower, 1961 Military-Industrial Complex Speech
An article by Rex Nutting, appearing in Marketwatch, says you just don’t understand how to read a budget: if you did, then you would realize Presidents Obama and Clinton were the most fiscally conservative Presidents of all time and Presidents Reagan and Bush II were the biggest spenders of all time.
WHY SHOULD WE CARE ABOUT GOVERNMENT SPENDING?
Whether or not you agree with Nutting’s observation :
(1) Public outlays are an increasingly larger proportion of the US economy each year.* This has the effect of limiting available capital for economic expansion, innovation and long term economic growth.
(2) “Deficit spending” (when spending exceeds income) is an increasingly larger proportion of the federal budget each year, leading to inflation or the danger, as President Eisenhower warned, of becoming “the insolvent phantom of tomorrow.”
(3) The federal government has been running without a budget for over three years: there is a complete lack of accountability for federal spending.
WHAT ARE THE FACTS?
*The Heritage Foundation points out that, “public spending by all levels of government now exceeds one-third of total domestic output. . . . Spending at the national level rose to over 25 percent of GDP in 2010, and gross public debt surpassed 100 percent of GDP in 2011.”
The last time the US government outlays have been at this level of spending as compared to the GDP was during a time of national crisis that only few can remember, World War II.
Government is simply spending too much, borrowing too much, and growing too big. It’s time to heed President Eisenhower’s warning about the loss of our heritage of freedom.
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