Eagle Forum Legislative Alerts

Monday, August 02, 2010

America's "Unsustainable" Debt

"Unsustainable" is a scary word that recently entered political discourse. It is being used by the Director of the Congressional Budget Office, known as the CBO. Unsustainability is now the label for Barack Obama's massive deficit spending, which the Director said "cannot be solved through minor tinkering." The CBO predicts a increase in our public debt from $7.5 trillion at the end of last year to $20.3 trillion at the end of 2020 if current budgets are implemented. Senator Kent Conrad sharpened the focus by asking the CBO Director: "What's going to be necessary [is] either a 25% increase in taxes or a 20% reduction in spending, or some combination thereof. Is that correct?" The CBO Director answered "yes."

Americans are beginning to wonder if Greece is the picture of America's future. But we need look no further than Illinois, where Barack Obama and all his top advisers came from. After they moved to Washington to run the country, other Obama associates continued to run Illinois into the ground. For years, we thought California was the most fiscally irresponsible of all 50 states, but Illinois has now taken the lead. A lengthy news article in the New York Times was headlined: "Illinois Stops Paying Its Bills, but Can't Stop Digging Hole."

Illinois' politicians refuse to pay the state's bills, refuses to impose spending cuts or tax increases, and closes its eyes to its deficit which is nearly half the state's budget. Illinois now pays millions of dollars more to insure its debt than any other state and has been downgraded by every major rating agency. The big-majority of Democrats in the state legislature, defying Illinois' balanced-budget law, have been passing deficit budgets for years. If you want to see America's future, just look at Illinois.

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