A Quote by Harold Ford, Jr.
You've got to either say you're going to cut taxes and find some spending cuts. I think we ought to reform long-term entitlement spending in the country, but you can't out of one side of your mouth say, 'Yes, we're for tax cuts, we're for spending discipline, and we're for bringing down the debt.'
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Whenever people in Washington complain about spending cuts, they mean spending cuts that would affect defense contractors. They want to massively increase spending cuts everywhere else in the budget.
To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don't take more from the private sector and grow government with it. And that's exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his.
We have to have structural entitlement reform, major spending cuts and not tax increase-retardants on economic growth to reverse our current course toward national bankruptcy, but Obama steadfastly remains on the wrong side of all these solutions.
And I have to tell you as a grandmother, I worry about the fact that my grandchildren are going to be paying for all the spending, including military spending, that has gone on and the tax cuts that have come through.
If the US Government was a family—they would be making $58,000 a year, spending $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand.
Much fiscal policy is implemented, not through spending increases, but through tax credits and other so-called tax expenditures. The markets should respond to them as they do spending cuts, with little contraction in economic activity.
Any politician that says no tax revenue or zero spending cuts does not deserve reelection. Our hole is so deep in this country with the debt and the debt service, the interest on that debt, before the big expenses come for Social Security and Medicare - for we baby boomers in a few years - that everything has to be on the table.
Tax increases slow economic growth. Why would you raise taxes? We need to reform spending, the tens of trillions of unfunded liabilities can never be funded by tax increases, that can only be fixed by reducing spending.
I do not intend to dispute in any way the need for defence cuts and the need for government spending cuts in general. I do not share a not in my backyard approach to government spending reductions.
Debt is not caused by spending, it is caused by buying things that you don't pay for. Or, it's caused by cutting revenues that you don't offset ... by cuts in spending.
The fact is that a lot of the spending increases came during the Bush administration. Two unpaid for wars we got ourselves engaged in. A prescription drug plan that added enormous amounts to our spending, and the tax cuts at the high end that did not create jobs and create revenue coming.
We have got to cut the spending. We have got to fix Medicare and Social Security. And actually, if we don't cut spending, this country is already broke. We are going off the financial cliff: the big cliff that is going to cause a total economic collapse of America.
Where is the politician who has not promised to fight to the death for lower taxes- and who has not proceeded to vote for the very spending projects that make tax cuts impossible?
If you ask the question of Americans, should we pay our bills? One hundred percent would say yes. There's a significant misunderstanding on the debt ceiling. People think it's authorizing new spending. The debt ceiling doesn't authorize new spending; it allows us to pay obligations already incurred.
What does it mean when Republicans and Democrats alike warn us about the 'pain' involved in cutting government spending - in their spending less of our money? For the average citizen, what pain is there in his keeping more of his money to invest it the way he wants? Taxes cost people. Tax cuts do not cost government.
I'm not advocating spending less on the elderly, but I am strongly advocating spending more on kids while also putting the country on a sound, long-term fiscal trajectory. To do that, we have to reduce the rate of growth of entitlement-related expenditures and add more revenues.
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