Nancy Pelosi and her right hand man, Minority Whip Steny Hoyer, do not believe we have a spending problem. This week, at my first hearing as a member of the Budget Committee, we heard testimony from Congressional Budget Office Director Doug Elmendorf. His remarks made clear what you and I know: we have an enormous spending problem.
He went through the grim facts one by one. Unemployment is higher for longer than any point since the Great Depression. Debt is at its highest level since 1950 and is on an upward path.
We hear a lot about how we need to keep on spending and borrowing as if it will have no effect on jobs and the economy. One specific part of Dr. Elmendorf's testimony directly refuted this idea. He was asked, "is there an economic benefit to balancing our budget?"
He replied, "Yes, a smaller deficit, all the way down to zero, can be better for the economy over the medium and long term."
This is a critical point. Cutting spending reduces debt, which is essential for a strong and growing economy. Too much debt crowds out private investment, discourages job creation and depresses family incomes. In other words: less debt equals more jobs.
Below is a short video from the hearing which shows the need for cutting spending and balancing the budget has never been greater. The future of America depends on stopping out of control spending.
Stay in touch and God bless,