At a time when we look to Washington, our Capital, for leadership--we get none. President Obama, Carolyn McCarthy and Nancy Pelosi spent $1 TRILLION on a stimulus package which failed to create a single job. They bailed out car companies, they bailed out Wall Street--but they forgot about the families losing homes, losing jobs and losing hope. They passed a Government Health Care Plan against the will of the People that will ultimately bankrupt this nation. They are spending this generation and generations to come into bankruptcy. The National Debt has risen to $13 TRILLION because of the fiscal mismanagement and incompetence of leaders like President Obama, Nancy Pelosi and Carolyn McCarthy. By Election Day, this number is expected to climb to $14 TRILLION. For the first time in our history, the debt of our nation is nearly equivalent to the Gross Domestic Product (GDP). Obama has increased the debt $2.4 TRILLION in the first 16 months of his presidency.
The sky-rocketing National Debt has become one of our Country's major concerns. To put it simply, the only way to reduce debt is to stop a budget's expenditures from exceeding revenues. New, wasteful federal spending must be stopped and existing spending must be reformed and streamlined. Failing to practice "pay as you go" legislation and continuing "emergency" tax and spend relief measures that negate pay-as-you-go measures will continue to bankrupt our Country and leave this generation, our children, and our grandchildren an America that is bankrupt and unrecognizable. The only solution that the existing Democrat leadership has for the National Debt is to increase taxes yet again. They plan on letting the Tax Cuts of 2001 and 2003 expire, unleashing a new wave of taxes onto the public and a struggling economy. Blinded by incompetence, they do not see the fact that raising taxes does not ultimately reduce the debt burden because tax increases will reduce long-term economic growth. Pro-growth tax policies will enable America to afford its debt.
The administration's response, or lack thereof, to the Gulf Oil spill is just another example of incompetence. President Obama appears to be exploiting the Gulf oil disaster to strong-arm through the disastrous Cap and Trade tax. The president's intent was evident in his prime-time speech on June 15th, 2010 when he stated, "The tragedy unfolding on our coast is the most painful and powerful reminder yet that the time to embrace a clean energy future is now." If the administration is able to push through Cap and Trade like they have pushed through other unwanted legislation, our fragile economy will be further weakened. The president himself stated if Cap and Trade were to pass, "electricity rates would necessarily skyrocket." The tax policies of this administration will stifle economic growth and decrease the chances of the economy rebounding.
Our current leaders either can't -- or won't --solve the problems we face as a nation. I can and I will.