Something happened this week that has serious consequences for each and every one of us, but you probably didn't even know it happened. On Tuesday, the Office of Management and Budget (OMB) released their Midsession Review. This might sound like a boring, bureaucratic exercise for government accountants, but this is serious. Let me explain.
The Midsession Review showed that our country is going to be $2 trillion deeper in debt than the White House originally told us at the beginning of this year. That's nearly $6,700 MORE debt for every man, woman, and child in America.
If this doesn't show that the policy of spend, spend, spend isn't working, I don't know what does. The so-called "stimulus" bill has cost taxpayers $787 billion, but meanwhile the national unemployment rate has gone up from 7.6 percent in January to 9.4 percent today. Spending hundreds of billions of dollars on a costly cap and tax energy scheme or another trillion dollars on government-run health care will not get our country back on track.
It's time we stop this spending spree. When I go back to Washington next month I will be doing everything I can to fight this reckless policy.
What do you think? I'd love to hear from you.