While Republicans are proposing a variety of ideas to rein in Washington’s out-of-control spending, unfortunately, President Obama’s budget for the upcoming fiscal year proposes to spend $46 trillion, and even in its best year, the deficit would remain above $600 billion. Worst of all, the President’s budget completely avoids addressing the biggest drivers of our long-term debt – Social Security, Medicare and Medicaid.
Rather than tackle these tough, serious issues, President Obama is proposing a litany of tax hikes on small businesses and entrepreneurs, to the tune of more than $1.6 trillion. These tax increases destroy jobs, make us less competitive internationally and hurt our efforts to grow the economy and get our fiscal house in order.
A balanced budget amendment would be a necessary step in reversing Washington’s tax-borrow-spend mantra. It would force Congress to balance its budget each year – not allow it to pass our problems on to the next generation any longer.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins