We Need A Budget-Booster, Not a Budget-Buster
Yesterday, the Senate passed H.R. 3877, a bill that would add $326 billion to our already-soaring debt. We have a spending problem in this country and all conservatives should be outraged that both chambers are unwilling to take our spending problem seriously.
All this measure does is postpone the inevitable because, eventually, someone must pay the tab. This does not lead to the debt-free future Americans want!
Paying off debt is scary and paying off $22 trillion is scarier, but we understand the laws of economics. When the economy is in recession, deficit spending is more likely – tax revenues flowing to the government are reduced, while spending on social welfare programs is increased. That dynamic makes balancing the budget and avoiding deficit spending a tougher job. But right now, the economy is roaring – meaning tax revenue flow to the government is increased, while spending on social programs is not required to be as high. When the economy is roaring, balancing the budget should be, relatively speaking, easier.
Yet this Congress apparently believes the laws of economics can be repealed. Despite record-level revenue to the federal government, despite the hottest economy on the planet, not only can it not balance its books, with this deal, it will add an additional $326 billion in deficit spending. If Washington will not act to reduce spending when the economy is roaring, when will it, if ever?
On behalf of the three million members and supporters of Tea Party Patriots Action, we strongly oppose H.R. 3877, the budget-busting Bipartisan Budget Act of 2019. What Congress really needs to implement is the Penny Plan, which would require the federal government to spend just one penny less next year out of every dollar spent this year. If the government were to do that for five years, and then limited overall spending at 18 percent of Gross Domestic Product (the average in the post-war era), we could balance the budget within five years. Five years!
It’s time for some fiscal responsibility in the federal government. President Trump must VETO a bill that will force future generations to pay the outrageous tab.