The Federal Budget Monster

PHXnews ^ | U.S. Rep Trent Franks

[MickeysHangover]

I absolutely believe that a balanced federal budget is crucial to a healthy economy. It is because of this fundamental belief that I, in good conscience, could not vote for the House Budget Resolution earlier this year.

In 1950, the average family of four was paying only two percent of their income to government in the form of federal income taxes. Today that figure has skyrocketed to nearly 30 percent, a 15-fold increase. We cannot expect you and the people of this country to practice spending discipline if Congress is unable to impose fiscal discipline upon itself.

Deficits have come from excess spending.

Our nation faces serious financial challenges in the coming months and years. It is time to put an end to reckless federal spending and we have the power to do this in Congress, by first working vigorously to cut back on wasteful spending. President Calvin Coolidge wisely said, "The men and women of this country who toil are the ones who bear the cost of the government. Every dollar we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant."

In 10 to 12 years, baby boomers, the most productive generation in the history of the world, will begin to retire. Mandatory spending in the federal budget (54% presently) is on trajectory to be over 100% of projected revenues. The growing monster of federal debt could reach 10 to 12 trillion dollars in the same time frame, which would mean it would take 25% of projected revenues just to pay the interest on the debt. Unless Congress repeals the laws of mathematics, major upheaval is inevitable if we continue to ignore this trend.

In spite of all of that, the House Budget Resolution totaled $2.248 trillion in spending for fiscal year 2004. This is an increase of $92 billion or a 4.3% increase over FY 2003. This budget will create ...

[MickeysHangover]

But the congress keeps on spending our money without a care.

[.cnI redruM]

Look what happens when a politician tries to actually cut something. What do you really think destroyed Newt Gingrich. It wasn't the impeachment debaucle. That was just an excuse. Noone really wants to see the Federal Budget cut until the crises looms and we see the negative effects up-close and personally.

[joesnuffy]

Just pass it on to the next 10 generations or so...
take out a loan print more money and sign
"the peoples" name to it...
Easy.... stroke of the pen..law of the land...Neat!

[Willie Green]

This should easily allow President Bush to propose massive spending cuts next year

Don't hold your breath.

[SSN558]

The gubmint will cope with the retirement of Boomers, the most selfsih generation in history. GenXers are selfish too but have fewer numbers to sway politicians. The plan is already taking shape.

Mass immigration of Hispanics and later still Middle Easteners that will work for peanuts to support the boomers standard of living after they retire. Colonization of the Middle East and Africa, aka economic development. Appeasment of China and the rest of the East, so they will continue to supply the bulk of our manufactured goods.

If you want to see a glimpse of the future, travel to one of the wealthy Middle Eastern states. The non native population of these countries is 75% foreigners. They are required by law to leave the country when they reach the age of 59.

Of course you must implement a massive police state to make all of this work. The mob ain't gonna like it one bit.