Nunnelee Newsletter: The Problem is Spending
12/07/12
Dear Friends,
If there is one thing to understand about the issues surrounding the fiscal cliff, it is this:
The problem is spending.
Here are some facts:
In 2008, total federal spending was around $2.9 trillion. This year: $3.7 trillion.
Spending as a percentage of the size of the economy:
President Clinton: 19.8%
President Bush: 19.6%
President Obama: 24.4%, highest since World War II
Total debt before President Obama took office: $10 trillion.
Total additional debt from the President’s first term alone: $6 trillion.
If the President got exactly what he is proposing, the tax revenue would only cover about 13% of the problem. He has no plan for the rest. In fact, his plan proposes to increase spending.
President Obama’s plan includes abolishing the debt ceiling forever. Seriously.
The problem of overspending did not start four years ago, but it has gotten much worse. We have to change course. Until the President and his party decide to face reality and get serious about cutting spending we will not make progress towards an agreement. Spending is pushing us off the fiscal cliff.
Magnolia Tribune
