Summary of Problem

America’s federal government does not balance its budget. It taxes more than taxpayers have to give, and it spends more than the government has taxed. Every dollar of debt can be traced back to overspending, not under-taxation. Every American household owes $535,000 for the promises that politicians have made, even though we can’t afford to pay for them. Currently, the government spends almost $330 per second. They will spend $39,600 just while you brush your teeth. The consequences are: a long-struggling American economy, millions of jobs lost, and future generations saddled with debt. Alternatively, a balanced budget can keep the government from overreaching and overspending the tax dollars you pay, it can spur economic growth, and allows America’s private sector job creators to do what they do best – create American jobs. Overspending today directly harms Americans tomorrow.

 

Key Points

  • The budget impacts you directly: When spending is out of control, food prices go up, gas prices go up – in general, everything gets more expensive.
  • Downsizing government means less spending; less spending means less taxing and borrowing; less borrowing means more jobs and personal freedom for all Americans, especially future generations.
  • Various suggested solutions include a balanced budget amendment; forcing automatic cuts if deficit-reduction targets are not reached; an effective version of PAYGO, requiring politicians to actually cut spending from one place before adding new spending elsewhere; and spending caps.
  • Even more fundamental reforms include reducing the size, scope, and cost of the government; and true entitlement program reform.
  • It is not too much to ask that politicians address the country’s budget in the same way that a family must address theirs – responsibly.

Download our TPP on the Budget report here

Download our Budget Reform Background Article here

Download our Income Tax Background Article here

More Resources

Government Accountability Report highlighting at least $100 billion in savings