In a recent edition of the Richmond Times-Dispatch, two back-to-back headlines really caught my eye.
The first headline read: "Deficit for November Comes to $120 Billion."
The accompanying article pointed out that the federal budget deficit for the month of November was $120 billion and this was the 14th consecutive monthly deficit.
The same article pointed out that the Obama administration estimates that the total federal deficit for 2010 will be $1.5 trillion, which would bring the current national debt to $12 trillion.
By the way, this is equal to the sum of all deficits incurred since our country was founded more than two centuries ago.
If this isn't bad enough, based on current spending patterns the total federal budget deficit will increase by an additional $9 trillion over the next decade.
Clearly, federal spending is out of control and we are incurring massive budget deficits that our children and grandchildren will be asked to repay -- if they are ever to be repaid at all.
Against this backdrop the second headline read: "Congress Works on $1.1 Trillion Spending Bill."
Amazing! We are facing the largest budget shortfalls in the history of our country and our congressional leaders are contemplating more spending.
They just don't get it.
The American nation cannot afford this type of out-of-control government spending. We have to get spending under control.
If we fail to do this we will further jeopardize the long-term financial stability of our country, which is already on very shaky ground.
Out-of-control government spending and massive federal budget deficits will inevitably lead to massive tax increases and inflation due to an undervaluing of the dollar.
The American people cannot afford massive tax increases. We should be looking for ways to cut taxes to spur economic growth, not raise taxes.
Likewise, the American people cannot afford significant inflation, which will make it even more difficult to make ends meet in challenging economic times.
The answer is simple: We have to stop spending money we don't have to make promises we can't keep, and we have to substantially reduce current levels of government spending to bring them in line with the revenue we have available to pay for government programs.
It is clear that congressional Democrats will not control spending. By failing to do so, they jeopardize the long-term financial security of our nation and our families.
Fortunately, congressional Republicans, who have not always exercised the type of fiscal restraint I would prefer, do seem to understand the significance of this problem.
They have pledged to reduce spending, keep taxes low, and pursue policies that will actually spur economic growth.
Congressional Democrats have shown that they cannot be trusted to lead our nation on these critical fiscal issues. For the sake of our nation they must be removed from leadership -- and the sooner the better. In 2010 we will have a chance to do just that.
The time has come to turn out congressional Democrats and give Republicans a chance to restore fiscal responsibility to Washington.
If we do so, we can preserve our country's financial future.
If we fail to do so, the economic challenges we face today may pale in comparison to the economic challenges we will face in the years to come.
