Three million. Thats the amount added to our National Debt in the time it will take to read this.
By Cong. Michael McCaul
$19203551987632. That is our national debt as of March 28. When President Barack Obama took office in January 2009 the debt stood at $10.9 trillion. By the time he leaves office it will have doubled under his watch reaching a staggering $20 trillion.
These numbers are appalling.
Under President Obama our nation has sped down the path toward fiscal insolvency.
Washington spends money it doesnt have placing the burden on the backs of our children and our grandchildren. We are maxing out our national credit card and asking for an increase on our limit all the while ignoring the lasting damage it is causing to our country.
For a glimpse into the future we only need to look to Greece and their dire situation. Government bailouts out of control entitlements and reckless spending have contributed to the Grecian woes. The United States isnt there yet but if we continue down the path we are on without making significant changes to the way the federal government does business we could easily find ourselves in a similar situation.
Under President Obama American families have been forced to learn how to do more with less. Average income in 2014 the most recent data available is lower than it was in 2013 and lower still than it was in 2007. We have not yet recovered fully from the financial crisis of 2008 regardless of what the President would have you believe.
Even as American incomes are suffering government revenue hit an all time high taking in $3 trillion in taxes in 2014 yet it continually spends more money than it takes in. This is no way to run a family or business budget let alone the finances of our government.
The impact of driving up our national debt has other serious but often overlooked consequences: It greatly weakens our national security. Former Chairman of the Joint Chiefs of Staff Admiral Mike Mullen has sounded the alarm stating his belief that our debt is a national security challenge. As our debt rises it will become increasingly more difficult to fund our military and other nations or terrorist organizations will see our financial weakness as an opportunity to fill the potential vacuum or inflict harm upon America and our interests.
How do we fix it? First we need to elect a fiscal conservative to the White House this fall who understands the dire financial situation we find ourselves in one who will immediately cut government spending tackle entitlement reform and cut taxes so
hardworking Americans can keep more of their money. Second we need to pass a balanced budget amendment to the Constitution.
This solution is simple to millions of American families who know that when times are tough you tighten your belt which is exactly what millions have been forced to do over the past seven years.
It is common sense economic policy for a government to not spend more than it takes in. Any high school student who works during the summer knows that if they want to buy tickets to a concert or go on a trip with their friends they need to have earned that money in order to do so or borrow it while knowing they will have to pay it back.
Tax-and-spend progressives will tell you that a governments finances are completely different than a small business or family finances. They are missing the point. In my travels throughout my district people are worried about the national debt and what it means for their children. I am right there with them.
Since its founding every generation of Americans has passed on a stronger more secure and more financially sound country to the next generation. The current generation of elected officials has taken a bad situation at the beginning of the Obama presidency and made it worse.
If we dont act now we are in serious danger of passing on a country to our kids that will crush them under mountains of debt.
Three million. That is the amount added to our national debt in the time it took to read this. The time for a balanced budget amendment is now.
Congressman Michael McCaul is chairman of the U.S. House Homeland Security Committee and represents the 10th Congressional District of Texas.
