A Quote by J. C. Watts
Consider in Washington, around the country today we are talking about balanced budgets, paying down our national debt, getting the economy going, defending ourselves, activist judges. Newt Gingrich did all those things when he was speaker. We got tax relief. We got balanced budgets. We got, you know, job creation. We paid down our national debt.
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When I left Washington, we actually had a balanced budget and we paid down the most amount of the national debt in modern history and cut taxes and created jobs. And I was the chief architect of that plan in '97.
Goals work. Pick one debt, and then put every dime into paying down that one debt. Once that debt is paid off, start paying down the next debt. Pretty soon it's time to move from paying debt to building savings.
There's also consumer debt, the credit card debt that burdens many of the working families in America. Yes, we talk about national debt, and we're paying a lot down. But you're fixing to hear me tell you part of the remedy for people who have got a lot of credit card debt is to make sure people get some of their own money back.
It took the national debt two hundred years to reach $1 trillion. Supply Side Economics quadrupled the national debt to over $4 trillion in twelve years (1980-1992) under the Republicans. Bill Clinton actually paid down the national debt. How did he do it? He raised taxes. It produced the longest sustained economic expansion in U.S. History.
We've got to start worrying about America. And if we don't start dealing with the debt we have and the deficit spending we have in Washington, politics doesn't matter, because the American people do realize that they have to balance their budgets.
I've been pretty clear about saying that I think that the No. 1 threat to our national security is our debt. And we've got to get our arms around that and head it in another - head it in the right direction - that we have to pay our fair share of this.
The harsh reality is that we simply cannot tax our way out of our overspending and debt problem. We need a balanced approach that includes both a stronger economy to generate new tax revenues and bipartisan guardrails, which will help ensure that future presidents and congresses spend within our means.
Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down.
We've got a lot of work to do: not only on education, but on the economy, on our tax code, and on reducing our crushing debt.
I'm pleased that I've balanced budgets. I was on the world of business for 25 years. If you didn't balance your budget, you went out of business. I went into the Olympics that was out of balance, and we got it on balance, and made a success there. I had the chance to be governor of a state. Four years in a row, Democrats and Republicans came together to balance the budget. We cut taxes 19 times and balanced our budget.
I think we've got to be competitive here in Illinois. It's critical we're competitive. We're hurting our economy by having the minimum wage above the national. We've got to move back to the national.
We can have tax cuts, but when we have tax cuts and do not have a surplus, the amount of the tax cut goes straight to the bottom line, adds to the deficit, and the deficit adds to the national debt, and sooner or later, the debt has to be paid.
When you look at the results that Newt Gingrich got when he was speaker, he got results for the American people.
We know through the process of energy independence, our whole geopolitical footprint changes in terms of our national security and how we operate the American military. In addition to that we've got all these forward liabilities on these entitlement programs that, with the right tax and the energy policy, we can pay down and offset some of those liabilities.
When you're governor, you've got to step up to the plate; you've got to make a proposal for a balanced budget. That's the requirement. And then you've got to sit down and negotiate if the folks that you need to work with disagree with you on points.
If Washington continues to fumble issues like taking care of the debt, getting the troops home, and rebuilding our economy, my wife and I may sit down and say, 'These are critical things and maybe we need to get back in the ball.
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