A press release from Congressman Randy Hultgren:
Hultgren: President’s Budget Hurts Family Wages by Growing National Debt
Ignores Consequences of More Government Spending
Washington, DC – U.S. Representative Randy Hultgren (IL-14) today reacted to statements from the White House holding that the President’s FY2016 budget proposal helps American wages. The White House’s FY 2016 budget fact sheet states:
“These proposals will help working families feel more secure with paychecks that go further.”
—FY 2016 Budget Overview Fact Sheet, White House
In fact, according to the Congressional Budget Office and the Committee for a Responsible Federal Budget, take-home pay for Americans will be cut by $7,000 over the next 25 years if the debt continues on its upward path.
For young workers starting out on their careers, that equals $250,000 in lost income over 40 years.
Rep. Hultgren believes the President’s budget plan exacerbates the growing national debt, putting downward pressure on wages for Americans and hurting their ability to provide for themselves and their families.
“The President says he wants to ‘strengthen’ the middle class and make sure working families ‘feel more secure with paychecks that go further,’ but his budget does the exact opposite,” said Rep. Hultgren.
“We cannot spend knowing that our debt’s devastating interest will crush family budgets. When prices for necessities like groceries and medical care are rising every day, Americans are the collateral damage of the federal government’s irresponsible fiscal policies.”
I would love to see the report the congressman Refers to in this press release because, I am sincerely exhausted hearing that the National Debt is a boogie man.
If you pay your bills on time and manage you debt, then you do out it default.
If you default, it makes it harder to pay your bills on time because, because borrowing money is not as easy.
There is a paradox here because we live in a credit based global economy now and for Republicans to demonize debt is to otherwise demonize the driver of our economy.
But let’s get Kelly Liebmann or Steve Wilson in here for some partisan hackery!
C’mon Kelly and Steve, your’re the next contestants on The Price is Right!
Debt is a bad thing and the higher it is the worse the problem becomes.
Look at Greece now or Germany after WW1 and you’ll see why excessive debt is a bad thing.
Or even look at some of the problems in Illinois.
Ask yourself why there is talk about dumping the US dollar as the world reserve currency and what would happen to our economy if that changed.
Andrew Jackson, Harry Truman, and Bill Clinton understood the problems associated with debt and tried to manage it.
FDR ran to the fiscal right of Hoover.
Check out the Youtube video that Nick posted of Obama calling out Bush for spending too much as well.
Reagan and W were awful in this regard.
W had a Republican Congress too.
Even Alexander Hamilton, the one founding father who people accuse of being supportive of debt still said it shouldn’t be excessive and it should be paid back otherwise we make things harder for ourselves.
Keep telling yourself it’s a partisan issue and it doesn’t matter.
I don’t know when “don’t spend more than you make” became some controversial idea, but we’re in big trouble if we don’t change.