What would you do with $50,000? I am sure many ideas come to mind like setting aside money for a college education for your child, providing a down payment on a house, retiring, investing in the family business or starting your very own business. There is no doubt that most of us could find something productive to do with $50,000.
This month the U.S. Treasury Department announced the national debt reached and exceeded $16 trillion, meaning that each American's portion of the national debt is now over $50,000. This is unprecedented and unacceptable.
I have said many times that we face this tough economy not as Republicans or Democrats, but as Americans. Our debt crisis cannot be blamed on one President or one party because it was created by years of uncontrolled spending and borrowing that left future generations with a crushing financial burden that had nothing to do with their own personal spending decisions.
It is not too late to fix the problems that have led our country to this point. The time is now, and it can be done. In the House of Representatives, we have already taken the first step by passing the principles of cut, cap, and balance, which included significant spending cuts, real spending caps, and called for a vote on a balanced budget amendment.
Next, I believe we must pass and implement a Balanced Budget Amendment that addresses the federal government's systemic problem with balancing its budget. Families balance budgets every day, and it is unfair that we do not hold the federal government to the same standard. Further steps should include comprehensive tax reforms that close corporate tax loopholes and make the tax code fairer and more understandable for every American and we need to stop the tax hike that is scheduled to hit taxpayers on January 2013.
I am going to continue fighting in Congress to rein in our national debt and put our economy back on track to allow the private sector to create jobs. If you have any suggestions for me, or need my assistance with any federal issues, please feel free to contact my Central Ohio District Office at 614-771-4968.