But what Congress and the President are up to this week threatens the future of our families, and we should all be worried — even angry about it. They are increasing federal spending by $322 Billion over current budget caps, raising an established debt ceiling to borrow more and knocking out the legal track switches that would prevent the United States from boarding this runaway fiscal train.
Look at it as if it was a family budget. The $22 Trillion debt run up by our big federal family of career politicians in Washington, D.C. is money we borrowed over time, plus interest, and owe — in many cases to foreign countries that don’t like us very much.
The $1 Trillion deficit is the amount of money our fat Washington family is spending beyond what they take in annually. So that means they are spending $1 Trillion more each year than they take from us in taxes, fees and other revenues — and we are on the hook for the excess. This is an unsustainable course for any family.
This line of fiscal policy weakens our national security as it leaves us beholden to the nations and financial institutions holding our IOUs, and leaves our nation becoming more accustomed to living on an operating budget we cannot afford.
One of the most insidious aspects of this new plan to raise spending and the debt ceiling is that it will kill, by 2021, the hard-fought Budget Control Act of 2011 that established limits on federal spending with provisions for triggering automatic spending cuts should Congress be unable to agree on an annual spending plan. Of course, Congress has occasionally waived the caps since then, but this deal will toss the control act aside completely in two years.
It’s simply uncanny and deeply disappointing.
In this age of polarizing policies and extreme partisan politics, the one thing our Congressional representatives are sadly able to agree to _ always _ is continuing their insatiable addiction to spending and borrowing. On the issue of fiscal responsibility, Republicans and Democrats alike are telling us all to go to hell as they skip merrily down the path to America’s bankruptcy.
In fact, they aren’t skipping. They are racing. Last week, the House cleared the plan to increase federal spending by $322 Billion and raise the debt ceiling. The Senate is gearing up to clear it this week, and President Trump has signaled he’ll sign it before the week is out.
If this tone-deaf response to fiscal responsibility seems familiar to anyone in New Jersey, that’s because our career politicians in Trenton suffer from the same addiction to spending. Just last month, seven Republicans joined the Democratic majority in the Legislature to pass a $38.6 Billion spending plan that Governor Murphy eventually signed.
The result was a plan that will leave New Jersey spending $4 Billion more this year than it did just two years ago.
This will only end when we stop sending career politicians to Trenton and Washington, and start sending people there who really, truly want to stop this insanity before it’s too late.