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Public Statements

Schock Statement on Presidents Deficit Reduction Plan

Statement

By:
Date:
Location: Washington, DC

Congressman Aaron Schock (R-IL) issued the following statement in response to the Presidents Deficit Reduction Plan:

"The President cannot hide his true feelings. It is abundantly obvious to me that he wishes he could go on spending unprecedented amounts of money as former Speaker Pelosi allowed him to do in his first two years in office. Time and again, President Obama's actions prove that he is not interested in controlling spending.

"The President yet again had the opportunity to lead on an issue, but predictably failed to do so; instead offering fear and partisanship as his way forward.

"Now that polls show the American people understanding that our exploding national debt makes unemployment worse and is poised to crush our economic future, the President is seeking political cover on the issue. But he is doing so in a fundamentally disingenuous manner.

"The President actually wanted a second stimulus spending bill last year. Every one of his initiatives has involved new spending of record setting proportions. He uses plenty of euphemisms to disguise his new spending initiatives such as labeling them "investments." He says we have to spend a trillion dollars on his healthcare bill to save money. Only in Washington can you spend a trillion dollars and claim you are reducing the deficit.

"The President's first big legislative initiative was the $847 billion stimulus. Then it was Cash for Clunkers. His budgets increased non-defense discretionary spending by an astonishing 84% in just two years! His healthcare bill calls for spending a minimum of $1.2 trillion more. He wants multiple billions of dollars for high speed rail. Education reform to President Obama is simply spending more money. His energy policy is a conglomeration of spending initiatives. List an issue in his State of the Union Address and with it came a gargantuan new spending proposal.

"Out of control spending has plagued this nation under both parties. But the scale of President Obama's overspending is astronomically higher than President Bush's. The average annual deficits in the Bush years were $200 billion overspent per year. The highest annual Bush deficit was $468 billion. Contrast that with $1.5 to $2 trillion overspent per year under President Obama with trillion dollar annual deficits projects for years to come. Our nation added three and a half trillion dollars to the national debt in only two years when President Obama had a Democratic majority in the Congress. That is the fast track to financial ruin. It is vastly beyond this country's ability to pay the interest on it, let alone pay it back.

"That is why it is fair to say that President Obama has no credibility on reducing the deficit. President Obama's doublespeak today on the deficit is akin to the old story about the boy who killed his parents and then pleaded for mercy because he is an orphan.

"This is the first time a President has had his first budget proposal flop so badly that he had to come back to Congress with a second plan only a couple weeks later. What I see in the revised version is simply more doublespeak, twisted statistics and purposeful confusion.

"If we continue on the path recommended by the President of overspending and ignoring real reforms of entitlement programs by 2045 spending on Medicare, Medicaid and Social Security will eat up the entire federal budget with no money for anything else. After that, interest on the national debt will also be so large that those interest payments alone will eat up the entire federal budget. If we hit that point it will be the economic collapse of the United States of America. When that happens, and obligations to Social Security recipients and Medicare funds run dry, it will be the result of the policy of the ostrich--just putting our heads in the sand and refusing to acknowledge reality.

"The United States is currently more than $14 trillion in debt, a record high, and dangerously close to surpassing our national GDP; currently $14.4 trillion. That equates to $45,000 of the national debt owed by each child born in America today and $128,000 that is owed by each taxpayer.

"According to the Obama Administration's Romer-Bernstein economic model, every one percent in additional economic growth creates 979,000 jobs. On the other hand, economic growth is suppressed by one percent, per year, when a country's total debt reaches the level of 90% of its economy (annual total of economic activity in the country.) This means at the current level of accumulated debt its costing our country nearly one million jobs per year.

"The President sometimes gets lofty in his speeches. He occasionally has called for post-partisanship, thoughtfully discussing long term budget solutions, and not demonizing the other party's real attempts to shore up Social Security, Medicare and Medicaid.

"Yet, the President is now a demagogue on serious entitlement reforms, while offering no substantive reform of his own. Medicare is fast heading to insolvency on the current track. When our party urges repairs to this vital program to keep it sound for generations to come, the President resorts to partisan cheap shots--the very thing he promised the American people not to do. We simply can't save Medicare by sticking to the status quo and cutting waste, fraud and abuse in the current system. We have to make reforms to our entitlements or they won't be around for the younger generations. House Republicans are proposing an idea that is similar to the kind of health care plan Members of Congress have.

"Then we come to the President's real goal in tackling deficit spending--he wants to raise taxes to support the level of spending he is accustomed to. This is irresponsible as our nation has yet to recover from economic recession. The only way we will successfully emerge from this debt crisis is to both cut spending and grow our economy. Raising taxes directly sabotages economic growth, job creation and the increased government revenue that comes from a growing economy.

"The non-partisan Government Accountability Office states that at the current rate of spending, revenue would have to rise "by more than 50 percent' just to keep debt at its current level. This is not a problem we can solve by taxing people more - we need to reduce how much we spend, and not spend more than what the government takes in. It boils down to common sense--nations, businesses, families and individuals cannot continue to spend more than they take in or they will economically crash. It's time for real leadership and President Obama is failing us badly right now."


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