Sep 23, 2008

A fiscally responsible nation

by Tim Purkey

The largest budget to ever be submitted to a government has been proposed by President George W. Bush. Grand total: $3.1 trillion for the fiscal year 2009.

The U.S. is facing a growing dilemma as a nation. Years of out of proportion spending have contributed to the worst deficit the United States has ever faced. Bush’s 2009 budget alone leaves a deficit of $407 billion, adding to the nation’s growing total debt of $9.4 trillion, according to the Heritage Foundation Federal Revenue and Spending Book of Charts. In 2007, the country’s Gross Domestic Product was $13.84 trillion, which is only slightly higher than the country’s debt.

Increased government spending has gotten out of hand. While democrats and republicans talk about fiscal responsibility and balancing the budget, they are at the same time proposing new programs to use up more tax money. For instance, universal healthcare is a key issue that concerns republicans and democrats, but in practice it would either bankrupt the nation or make taxes so high that another Boston tea party seems inevitable.

Statistics provided by Heritage Foundation further demonstrate America’s economic dilemma. In 2010, the U.S. is projected to spend almost $609 billion in Medicaid and Medicare programs alone. With social security added in, the nation will spend nearly $1.2 trillion. To top the statistic charts, projections show the amount spent on Medicaid will double, and the amount spent on Medicare will triple by 2050.

If deficit spending continues, the United States is headed toward a monetary crisis of epic proportion. Lawmakers running the country are using pork barrel projects — government spending for the purpose of benefiting campaign contributors — to increase their popularity among their constituents without understanding the consequences of deficit spending. If officials continue to use the government as the cure-all solution to American problems, then very soon we will no longer rely on free enterprise.

No matter whom you vote for or what political party you support, statistics show the U.S. cannot afford any more government programs. It is time for both democrats and republicans to be held accountable for their out-of-control spending. The only way to keep America’s economy from floundering is to elect leaders who will take a stand and be fiscally responsible. The future of America depends on it.

 


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