BigNews.Biz - May 03,2012 - Another anniversary of failed leadership
Sunday marked three years since Senate majority passed a budget
Sunday marked the three-year anniversary of the last time the Senate majority passed a budget, according to U.S. Senator Mike Enzi, R-Wyo., a senior member of the Senate Budget Committee and one of the Senate’s two accountants.
“Three years and no budget isn’t just a failure of leadership, it’s embarrassing,” said Enzi. “The American people demand that Washington address the nation’s problems head on and not put them off until after an election. If the Senate majority wants to lead the country, they need to step up to the plate and put forth a plan that addresses our nearly $16 trillion debt and unsustainable deficits.”
Since the Senate majority last passed a budget:
The United States has lost its perfect credit rating.
Federal debt has increased nearly 50 percent to a staggering $15.6 trillion.
America has assumed the unenviable position of having the highest business tax in the world.
At $49,824 per person, America’s debt per capita has increased and is now higher than many European countries including Greece.
The Social Security board of trustees has projected that the Social Security trust fund will be exhausted in 2033 – three years sooner than last year’s projection.
CBO has projected that GDP will drop by up to 2.2 percent because of out of
control deficits under President Obama’s most recent budget proposal.
According to projections used by President Obama’s former top economic advisor, a GDP loss of 2.2% would destroy 2.2 million jobs.
Unemployment has remained above 8 percent.
One out of every two recent graduates remain unemployed or underemployed.
Senator Enzi’s solution to the national debt begins with a penny. He spoke at a Mercatus Center panel earlier this week on how to reduce government spending and detailed why his “Penny Plan” is the way out of debt. By cutting a single penny from every dollar the government spends (a 1% cut) for five years, the budget would be balanced.
To find out more about the Penny Plan and to watch video from Enzi’s speech, click here.