Although he called for a freeze in spending during his State of the Union address, he wants one more year of reckless, out-of-control spending. The numbers are mind-boggling. He calls for $3.8 trillion in federal spending for 2011 – of which, $1.6 trillion is deficit spending. Moreover, the President’s budget will more than double the national debt.
In order to pay for this unnecessary growth in government, the President is calling for $2 trillion in tax increases over the next ten years.
These policies have clearly done nothing to help create jobs and stop unemployment from rising. January’s unemployment numbers again show lost jobs in this economy.
It is time to stop the spin of ‘saved jobs’ and start implementing policy that reduces taxes on small business and removes the regulations that hinder their growth and stand as an obstacle to new businesses opening.
The Democratic chairman of the Senate Budget Committee recently described the federal budget as ‘unsustainable’. I agree wholeheartedly.
I believe the spending freeze should start immediately and Congress should pass strict budget caps that will limit federal spending each year.
The President can show true bipartisanship by sitting down with Republican and Democratic leaders in Congress and go line-by-line through the budget to cut wasteful spending.
They also must come to an agreement that free markets care not about partisanship. Our private sector functions best when both Republicans and Democrats stay out of the way and let the entrepreneurial spirit of America thrive.
As a financial advisor, if I were to lead my clients down the same path that this Congress and this Administration have taken, I would at least be fired – and at worst, face criminal charges for malpractice.
While members of Congress won’t face jail time for their negligence, we can replace them with those of us who are willing to listen to the will of the American people.
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