In January 2009, when President Obama took office, the share of federal debt for every man, woman and child in the United States was approximately $35,000 per person. This month, the share of federal debt for every man, woman and child in the United States is approximately $50,000 per person. If we wanted to pay off our federal debt tomorrow morning, everybody in the United States would need to contribute $50,000 each.
Anyone ... Anyone ...
The best way to get our federal budget balanced is to get more Americans working and our economy moving. While the government cannot create jobs, it can get in the way of job creators. How does that happen? With burdensome regulations making it hard to do business, high taxes taking away the incentive to create companies and an unstable business climate due to changing tax codes and regulations.
Sparking job growth simply requires the opposite environment: fewer regulations, lower taxes and a stable environment. Can it be done? Absolutely. Under President Reagan's leadership, our economy created almost 20 million new jobs. Following the same outline under the leadership of former Speaker of the House Newt Gingrich, (my father), our economy created 11 million new jobs. Gingrich's leadership also led to four years of a federal balanced budget and the reforming of welfare, where 60 percent of those on welfare either went back to school or went to work.
America works best when Americans are working. It's not that hard. In the words of James Carville, "It's the economy, stupid."