New Video: "Wrong Choice" Romney for President released new television ad in Illinois titled “Wrong Choice.”Rick Santorum’s weakness is the economy and his economic plan has been criticized as the worst of all the GOP candidat
BigNews.Biz - Mar 17,2012 - New Video: "Wrong Choice"
Romney for President released a new television ad in Illinois titled “Wrong Choice.” Rick Santorum’s weakness is the economy and his economic plan has been criticized as the worst of all the GOP candidates. Mitt Romney has proposed the boldest plan since Ronald Reagan and has the leadership experience to lead our country.
Getting our fiscal house in order has become more than just an economic issue; it’s a moral imperative. Every dollar of deficit spending must be borrowed, with the bill sent to our children to pay back. As president, Mitt Romney will ask a simple question about every federal program: is it so important, so critical, that it is worth borrowing money from China to pay for it?
Excessive government spending is also harming the economy by skewing the market place and creating high levels of uncertainty. As federal funds slosh through the economy, they lift up some enterprises at the expense of others. In an environment where the government is picking winners and investing huge sums in projects of questionable value, private entrepreneurs across the economy cannot have confidence that their own investments will pay off. Aware that such spending cannot continue indefinitely, business owners also have a difficult time predicting how demand will shift from year to year and how to invest accordingly. The only recipe for fiscal health and a thriving private economy is a government that spends within its means.
Since President Obama assumed office three years ago, federal spending has accelerated at a pace without precedent in recent history, taking us from an already staggering $3.5 trillion in federal spending in 2010 to a projected $5.6 trillion within the next decade. This sharp rise has been entirely a matter of choice. Even as federal spending remains wholly within our control, Washington is spending money in an out-of-control fashion.
One traditional yardstick for gauging whether government is living within its means is spending as a percentage of GDP. Since the 1950s, federal spending as a percentage of GDP has hovered around 20 percent. When President Obama took office, it shot up to 25 percent, a level not seen since World War II. Before the recession, the federal government spent $25,000 per household. That number has now soared past $30,000 and is on track to hit $35,000 within the next decade.
Our untenable spending habits were at the root of this past summer’s crisis over the debt ceiling. President Obama’s insistence on a “balanced approach”—by which he meant a combination of spending cuts and tax increases—would have put a seal of congressional approval on a baseline level of spending significantly higher than when he took office. That is precisely why the President’s approach had to be soundly rejected. He wanted to move the country in the wrong direction of more taxes and more spending at a time when both are smothering the economy.
After three years of President Obama, many now question whether we can