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Public Statements

The Week Just Past: America's Spiraling Debt!

Statement

By:
Date:
Location: Unknown

"Less than one week after the U.S. national debt surged past the $13 trillion mark, the Reuters headline on Tuesday warned "U.S debt to rise to $19.6 trillion by 2015.' You can read the whole story by clicking on the link below.

"This unsustainable mountain of borrowed money will quickly bring the ratio of debt to the gross domestic product (GDP) to 102 percent by 2015 from 93 percent this year. Translated: the amount of money owed to our creditors -- many of them foreign nations such as China and Japan -- will exceed the value of the goods and services we produce.

"Of course, we must pay interest on that debt. And that is money we cannot use to provide one small business loan, close our borders to illegal aliens, provide security sensors at our ports, or train, equip and better protect one soldier or Marine.

"And if that was not bad enough, the uncontrolled spending by the President and Speaker Pelosi is having a measurable impact on jobs. The President's own economic experts say a 1 percent increase in GDP can create almost 1 million jobs. Well, that 1 percent is what experts think we are losing because of the debt's massive drag on our economy.

"And what is the White House response? In a largely symbolic gesture, Obama's administration said this week that it would cut spending at some federal government agencies by 5 percent - starting in October 2011. Budget Director Peter Orszag rejected the call for immediate spending cuts, saying they'd "go nowhere' in Congress.

"Enough said?

"As I get around my Congressional District and listen to my constituents, so many people say they are worried about what their children will inherit -- fewer employment opportunities, a staggering amount of debt and a business climate with no jobs!

"Reversing these trends must be our top priority."

Rodney Frelinghuysen


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