Rebuilding our Economy through Fiscal Discipline
|Mike Lee, Utah's Next Senator|
Americans in general and Utahns in particular, are positive people by nature. Our citizens look for the silver-lining, believe in the impossible, have confidence in themselves and continually hope that the best is yet to come. The current economy has rocked our nation and caused even the most optimistic among us to question what lies ahead. I believe a rapid reality check, followed by a good dose of fiscal discipline will restore the country's confidence, jump start the economy and put us back on path toward better days.
According to the Department of Labor, the current national unemployment rate is 9.6 percent, meaning nearly 15 million of our friends, family members and neighbors are unemployed today. The options available to them, at the moment seem slim, and the uncertainty of the current landscape is not providing businesses or investors the confidence required to grow or expand.
Even those with jobs are feeling some of the dread, drag and drain of the economy. The average 401(k) account has lost more than a quarter of its value and the average home value is down nearly a third. Consumers are paralyzed and confused by media messages which cast further doubt on the future.
The reality is that this situation as a whole didn't come about by chance or bad luck. It is the unfortunate result of wasteful federal spending and policies that have halted economic growth. The Obama Administration and congressional Democrats have compounded the problem by implementing bad policies, spending borrowed money and increasing regulation on business. The result is seen in record-breaking spending, soaring deficits and a rapidly increasing national debt.
President Obama's $787 billion economic stimulus package from 2009 has failed to address problems in the job market. And even before all of that money has been spent, the administration has proposed that another $350 billion dollar package be piped in to the economy as an additional attempt to revive our nation's economic condition.
This kind of irrational spending is a major reason why the U.S. is quickly approaching a $15 trillion dollar debt-a debt that will be inherited by our children and our grandchildren. It's causing hard-working Americans to work three, four and sometimes even five months out of the year to pay their federal taxes. This spending is irresponsible, it's inexcusable, and it has to stop.
A dose of fiscal discipline
It's time for our federal government to rein in spending and allow Americans to build and create wealth. It is time to stop punishing hard-working people with higher taxes in order to fund unnecessary programs and costly bailouts. It is time to return to the fiscal discipline found in a constitutionally limited government. This is the path that will get America back on its feet and return it to greatness.
Although the current outlook appears bleak, there is hope on the horizon. With the election in November we have an opportunity to elect truly conservative Republicans who will rein in federal spending and adopt the financial discipline required to begin to balance our ever-increasing budget. This kind of discipline will ensure Americans will again have an opportunity to create their own wealth and distribute it as they please, which will naturally enrich the economy, bolster consumer confidence and create real jobs.
As Ronald Reagan once said "It's morning in America again." There is hope for the future, and cause for confidence. November 2nd will mark another new morning, with new leadership and the renewed fiscal discipline required to restore an optimistic future to the people of this great Country.