Even now, with the American economy finally growing again, it’s hard to escape the feeling that our country is stuck in a state of despondency and despair. Americans seem to sense that things are still out of sorts, and that our government’s economic policy doesn’t reflect the dreams and aspirations of the people it governs.
And they’re right – things are out of sorts. If left unchecked President Obama’s spending policies will add $10 trillion to the national debt over the next decade, on top of the $13 trillion we’ve already got. It will cost $5.7 trillion over the next decade to service this mountain of debt without paying a single dollar of principal. His policies are creating bloated bureaucracies sustained on the backs of an already struggling private sector and “too big to fail” companies are seeing that arbitrary status cemented by law. Structural unemployment threatens to become a long-term reality for the first time in American history and 26% of America’s young people are unemployed.
These policies make huge tax rises or runaway inflation inevitable. Either of these consequences would drain the economy of the capital that sustains the creation and expansion of businesses and both would remove incentives for entrepreneurialism and hard work. But while President Obama’s harmful actions on the economy have caused, and will continue to cause many problems, his inaction on America’s looming entitlements crises is just as disturbing. The simple fact is that America’s entitlement programs, as they currently stand are a sinking ship that threaten to drag the whole American economy down with them. Social Security, Medicare and other programs will bring in tens of trillions less in revenue than they owe in promised benefits over the coming decades. The problems facing America’s entitlement programs are getting worse by the day, but the President, and the Congressional leadership have shown absolutely no intention of doing anything about it.
It must be admitted that President Obama did not cause the downturn that has racked the American economy for the last two years. However, the mentality that drives his economic policy–the idea that it is okay to spend well beyond your means and ignore the consequences—did. It shouldn’t surprise anyone that an economic policy based on creating government jobs of dubious public benefit, paid for by unsustainable public debt has failed to jumpstart the economy or boost economic optimism. Far from starting a new era of growth, the President has laid the groundwork for an era of tortuous decline.
A year and a half of President Obama’s economic policy has resulted in massive, unsustainable debt, a broken economy without the means to fix itself and the same underlying problems that caused the financial crises in the first place—only worse. America cannot go on like this. It’s time to tell America’s leaders to stop putting trillions of dollars in new spending on the tab of future generations. It’s time to elect leaders that believe in responsible, sustainable fiscal policy. It’s time to throw out the mad economic policies that got us into this crisis and sustained it.
America can keep its promise of opportunity and reward to future generations, but we must change course quickly. The time must be now, and the people must be us.
Sign the Don’t Put It On Our Tab petition right now, and tell politicians in Washington to stop putting their spending on your tab.