Neugebauer Calls for SOS: Stop Outrageous Spending
by Randy Neugebauer on December 11, 2012 at 9:06 AM
I announced a week-long initiative to draw attention to out-of-control government spending. I am calling for an SOS to Stop Outrageous Spending.
On January 1, 2013, unless Congress and the President reach an agreement, current tax rates will expire and automatic, across-the-board defense cuts will go into place. The two events will have dramatic effects on the U.S. economy, and are being jointly referred to as a “fiscal cliff.”
President Obama wants to raise taxes on the top 2% of earners, even though these are frequently small businesses that provide jobs for our communities. Republicans are opposing that option. But I’m concerned that we’re missing a fundamental truth: America does not have a tax problem. We have a spending problem.
The U.S. currently holds over $16 trillion in debt and 2012 marks the fifth consecutive year the country has run deficits greater than $1 trillion.
Not only is our debt massive, but it’s growing at an alarming rate. When you run up your credit card debt too high, you don’t say, "Well, my employer will have to take care of this by giving me a raise." But that’s exactly what the Administration is trying to do. They’re asking taxpayers for a raise so that they can keep spending irresponsibly.
Any successful debt solution will require far greater cuts than these programs can give us. And we’ll need serious discussions about how to bring Social Security, Medicare, and Medicaid back into balance. I also believe that we need a simpler, fairer tax code that eliminates loopholes. But I hope that by calling attention to this outrageous spending, we can start discussions on how to rein it in.