MEMO FOR THE MOVEMENT
RE: Excessive Federal Government Spending from the Congress and the Obama Administration jeopardizes America’s economic future.
I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt.
– Thomas Jefferson
We urge you to contact your fellow citizens and elected representatives in Washington, DC and tell them your concern that the Obama Administration’s promises about the stimulus package never materialized, that additional big government projects should not be considered, and Washington’s focus should be to stop spending money that the federal government doesn’t have.
ISSUE IN BRIEF: In the first six months of the Obama Presidency, the American taxpayer has witnessed an unprecedented expansion of federal spending that is producing an annual budget deficit 400% larger than that of any other fiscal year in the 220-year history of Congress.
Such measures have drawn criticism from both Republicans and Democrats — even those who support some recession-economy stimulus-for many reasons:
*According to last week’s data from the Obama Administration’s Office of Management and Budget, this year, Washington will spend $30,958 per household, tax $17,576 per household, and borrow $13,392 per household.
The non-partisan Congressional Budget Office (CBO) estimates that under the President’s current budget, there will be $9 trillion added in deficits over the next 10 years.
*The federal government now spends 30 cents for every dollar earned by taxpaying Americans. The Federal spending as a percentage of GDP is currently 50% higher than its average over the past fifty years.
*The Obama debt burden would be approximately $47,000 for each American and $90,000 for each of the 160 million working taxpayers.
*The CBO estimates a $1.60 trillion deficit for 2009, nearly four times that of 2008.
*Previous spending projects, such as the February 2009 American Recovery and Reinvestment Act (the president’s “stimulus” package) have yielded economic deterioration rather than recovery. When the $787 billion recovery stimulus was passed, the President’s economic advisors assured Americans that if the stimulus passed, unemployment would not rise above 8%. As of July 2009, the national rate is at 9.4% — despite the assertion of the government experts.
*Much of this new federal deficit spending has been spent on pork projects, such as $16.1 million project to protect endangered species of mice in the San Francisco Bay, $3 million for tunnels for turtles to pass under a highway in Florida, $219,000 to study the sexual habits of college students at Syracuse University, $2.2 million to water a golf course in Northern California, and $1.6 million for water taxis in Baltimore.
*This irresponsible behavior can produce palpable negative consequences as the debt lowers the value of the dollar and raises interest rates, thus making investment harder and killing jobs.
*Excessive spending will tempt members of Congress to raise taxes, print money, or do both. Doing the first will kill jobs, and doing the latter will likely cause inflation and lower the wealth of Americans.