We're less than three weeks from Election Day, and the choice before the American people is as clear as it can be. President Obama refuses to lay out a second-term agenda, but we all know what it is: If he's re-elected, he'll give us more of the same--more spending, more debt, and, starting on January 1st, higher taxes.
That's because his political philosophy rests on a simple premise: He thinks he knows how to spend your money better than you can. That's why he borrowed, spent, and wasted $831 billion in stimulus money. That's why he's going to spend $1.7 trillion on Obamacare--an entitlement we didn't want and can't afford. And that's why, if he wins a second term, his spending proposals will increase our debt to an astounding $20 trillion.
President Obama talks about the deficit as if it's some abstract number. But his reckless spending will cause real pain to real people. We already spending more on interest payments than on housing, agriculture, education, and transportation--combined. And it's getting worse. Just to pay the interest on the debt that President Obama has racked up and the new spending he's proposed, a middle-class family would face a $4,000 a year tax hike.
Getting our fiscal house in order isn't just an economic imperative. It's also a moral imperative. We have to get our economy growing again, but we also have to make sure we don't leave our children buried in debt. I spent 25 years in the private sector. I know how the economy works. And unlike President Obama, I've laid out a real plan to get our spending under control.
I will start with an immediate 5 percent cut to non-security discretionary spending that saves $25 billion. Then I will cap federal spending below 20 percent of the economy by doing three things. First, I will cut programs that we simply can't afford--and the first on that list is Obamacare. Second, I'll give states responsibility for programs that they can run more effectively. And third, I'll consolidate duplicative agencies and align compensation of federal workers with their private-sector counterparts.
My approach will cut our deficit from Day One--and balance our budget within a decade. And this is just one part of my plan to create 12 million jobs during my term. When I'm president, our nation will have pro-growth policies that foster upward mobility and lift people out of poverty so that the next four years will be better--and our future will be brighter.
That's part of my plan for a stronger middle class. And I'll put it up against President Obama's record--and any plans he might develop for a second term--any day.