Dr. Boozman's Check-up
$15 Trillion and Counting
Nov 18 2011
Our nation’s unsustainable spending spree forces our national debt higher by the second, so it shouldn’t come as a surprise that it hit $15 trillion this week. Still, seeing that number in print is alarming to say the least.
It is a very stark reminder that Washington has spending problem, not a revenue problem. If you don’t believe me, take a look at the figures. Since President Obama took office in January of 2009, our national debt has increased by close to four and half trillion dollars in less than three years.
We borrow around 37 cents of every dollar we spend. This year alone, the federal government will spend $3.7 trillion while only collecting $2.2 trillion.
This is further evidence that the Super Committee needs to be bold with their plan to rein to federal spending. And that is exactly what it is going to take. We cannot tax our way out of this mess. There simply are not enough “revenue” sources to scrounge up $15 trillion from the couch cushions. We absolutely have to cut spending if we hope to make a dent in the enormous dent our national debt.
This is what makes the task before the Super Committee of such vital importance. If we fail to address this crisis, our country risks going the direction of Greece, Ireland and Portugal—who each face economic crises that have pushed them to brink of default.
As we quickly approach the November 23rd deadline, the word most associated with the Super Committee has been “standstill.” However, I remain confident that they will put forth a meaningful proposal to address this crisis. As days become hours and we get into crunch time, necessity creates an environment that fosters an agreement. I can assure you the members of the Super Committee will work, in good faith, up to the very last minute to reach an agreement. The stakes are too high not to.