It's a Record: An $11 Trillion Debt!

Posted: Mar 18, 2009 2:35 PM
Given our pattern of bailouts and spending measures over the past several months, it comes as no surprise that our national debt has surpassed $11 trillion, the largest it has ever been in our nation's history.

Hopefully, this absolutely enormous number will temper President Obama's plans to continue his government spend-a-thon. But from what we've been hearing from the White House and among Democrat leaders here in Congress, it appears that we should just buckle in for more business as usual.

In fact, one of President Obama's top legislative priorities seems to be passing a "cap-and-trade" – or cap-and-tax, as I call it – policy for America that makes businesses and energy producers pay to emit carbon emissions.

Originally, the President estimated that this plan would cost $646 billion over eight years to implement. However, Jason Furman, Deputy Director for President Obama’s National Economic Council, recently stated that it could cost up to 3 times that amount - bringing the cost closer to $2 trillion.

Republicans are rightfully wary of a measure of this magnitude, particularly one that will surely mean higher costs for every American - the last thing we need when our country is in a recession. What makes this plan even more mind boggling is how much it will hurt American businesses while their competitors in countries will not be beholden to anything similar.  American businesses will be inclined to move their operations overseas to take advantage of less expensive operating costs.

Last week, I posted on how cap-and-tax legislation will affect every single American through increased costs for everything from groceries to school supplies, not to mention their energy bills. Remember the hit our wallets took last summer with $4 gasoline? If this legislation takes effect, those days will soon be returning.

The financial burden being placed on the shoulders of every taxpayer and on future generations as a result of these reckless spending strategies must be replaced with fiscal responsibility.  The spending spree has to stop.