Chattanooga Times Free Press: Corker seeks deficit remedy

Aug 28, 2010

It is nothing new for people in politics to seek public favor by promising “good” things without connecting them with the “bad” costs to the taxpayers. But it surely is astounding that over the years, “we the people” have let a majority of the 100 United States senators, 435 members of the House of Representatives and our presidents get us into an astounding national debt of $13.3 trillion.

And Congress and the president are planning to add $1.47 trillion in red ink this year!

This is a huge and difficult problem that few want to face. That’s why the problem gets worse.

But admirably, Chattanooga’s fine U.S. Sen. Bob Corker is one of too few national leaders who are trying — against odds — to talk some financial common sense, to begin to move toward financial responsibility.

The problem is so big and so bad that there can be no immediate solution. But there needs to be a serious start — now — toward alleviating our national financial irresponsibly, to keep the problem from becoming worse.

Many people deplore financial problems, but just wring their hands, with no solid proposals for solution. Corker commendably proposes action. He wants to put a “cap” on federal spending.

“Today,” Corker said this week in a meeting at the Times Free Press, “for every dollar we spend in Washington, we borrow 40 cents, and that’s just not sustainable.”

The American people do not want taxes raised to cover that terrible increase in debt, or to begin to pay down the debt we already have. But shouldn’t we, the people, and a majority in Congress and the president at least face the problem and quit digging us all deeper into the debt hole?

If not now, when?

Any remedial action will be painful. Not starting will be worse.

Corker says the start should be capping federal spending at 18 percent of our gross domestic product.

That’s 18 percent of the total monetary value of everything we produce in our country.

But instead of slowing federal government spending this year, we have let it rise to 26 percent of GDP! Isn’t it past time to put on the brakes?

We need to stimulate the economy, overcome recession, increase employment, raise productivity, reduce unconstitutional government spending, and generate a bigger gross domestic product through free enterprise.

Easy? Definitely not! But consider the worse alternative of not beginning the much-needed remedial actions!

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