I, like all of you, share the concern with the national debt. This is been a perennial topic for generations, and because we're still talking about it today, no viable solution has been reached. I am also in agreement that the time to act is now in order to preserve it fiscally fit nation for our future and the future of those who come after us. At the end of last month, we concluded our fourth year in a row in which the national debt has exceeded $1 trillion. Obviously, Washington is not serious about seeking a solution to this long-term problem of long term debt.
Each time we elect a president, their administration pledges to put us on a track for a balanced budget, a surplus, and retirement of our debt. As we know, that has not happened recently. After major dissatisfaction with the previous administration, we elected our current president abound with pledges to cut the deficit in half by the end of his first term. This president has claimed to inherit $1 trillion fiscal deficit and pledged in February 2009 that he would cut that deficit in half by the end of his first term. If we look at the results of the last fiscal year which ended on September 30, it was not even close. We elected this president on the pledge that he would go through the budget line by line looking at every program and asking if it was effective. But for the politically aware, we know that the president has not passed a budget in the past three years. So I guess that means promise kept. To quote the president: In 2008, candidate Obama said, "We now have over $9 trillion of debt that we are going to have to pay back.... That's irresponsible. It's unpatriotic." And in 2007, he said, "[W]e are also not running up deficits and asking China to bail us out ... it's pretty hard to have a tough negotiation when the Chinese are our bankers."
It's fun and easy to organize parties or events and sign petitions to send to her legislators urging them to increase our taxes. I'm sure there are many people across United States today who are enthusiastic about urging members of Congress to increase taxes. It's especially easy if we believe that the incidence of this new taxation will be borne by others. Yet there are others that believe that the deficit is structured because of entitlements such as Medicare, Social Security, and the defense budget which leaves very little room for negotiation. There aren't enough programs to cut and there are not enough rich people to tax. Even if we did both, it still would not solve our problem of paying off $16 trillion in national debt. What will happen in the next four years? Will people urging fiscal reform be brave enough to take on the political third rail and seek to reform entitlements such as Medicare and Social Security? We also have to add in a new entitlement known as the affordable care act. Does something that's not even in force yet need restructuring? It's hard to tell, as there are probably few people who have pored through the 2200 page legislative act. What is the president's plan for reducing the deficit in his next term if he gets one? On the campaign trail, he talks a lot about Mitt Romney's plan and dismisses it. He called for the Simpson Bowles commision and then dismissed it in its entirety.
That pretty much tells the voter that a second Obama term will pretty much look like the first one. It will include trillion dollar deficits, crony capitalism, and uncontrolled spending. Mitt Romney and Paul Ryan have plans to address the federal deficit and entitlements. Until we start discussing plans to take on these items, no progress can be made. They're not perfect, but they're not law yet either. Mitt Romney and Paul Ryan will work with Congress to pass true tax reform that is geared toward expanding the economy and getting America prosperous again. President Obama, having no plan for economic growth, will only suggest more taxation and more uncontrolled spending. As we've seen in the last four years, that has only led to 1.3% growth in the GDP. If we want to look back at the Clinton administration, when we had budget surpluses, the real cause that led to revenue exceeding expenses was not higher taxes, but a robust economy. If we want to return to a thriving American economy, let's take serious consideration to electing Mitt Romney.