Letter to the editor: Cutting too much from taxes leads to other consequencesIn announcing his candidacy for the U.S. Senate, Gov. John Hoeven criticized the increase in the national debt under President Barack Obama, saying, “The federal government just isn’t working anymore. The deficits and federal debt are just out of control.”
By: Bruce Hagen, The Jamestown Sun
In announcing his candidacy for the U.S. Senate, Gov. John Hoeven criticized the increase in the national debt under President Barack Obama, saying, “The federal government just isn’t working anymore. The deficits and federal debt are just out of control.”
Hoeven is absolutely right; America’s finances are a mess. But let’s be honest, it is not right to blame the nation’s deficit and debt on Obama. When he took office last January, Obama already faced a sea of red ink. As a result of the Bush administration’s policies, America’s deficit grew from $5.7 trillion to $10.6 trillion.
The root of Bush’s spending habits can be traced back to President Ronald Reagan, who took office in 1981 with about $1 trillion in debt.
After Reagan’s eight years in office, America moved from being the world’s largest international creditor to the world’s largest debtor nation, with a $2.6 trillion debt.
So here we are. What do we do now?
Hoeven offers the traditional GOP rhetoric saying, “We need to hold the line on taxes and reduce the tax burden” to grow our economy.
But is that a real solution? How do you pay for necessary programs, reduce American’s deficit and debt and cut taxes? The truth is you can’t. That formula will simply place the burden on future generations, who will finance the spending and tax cuts of today.
What we need is a level-headed, honest approach to tackling what will soon become America’s greatest challenge.
Sen. Kent Conrad, D-N.D., has offered a sensible solution. He and Sen. Judd Gregg, R-N.H., have introduced the Bipartisan Task Force for Responsible Fiscal Action Act.
The proposal creates a powerful commission to deal with the country’s fiscal mess.
Conrad summed it up best saying this is a challenge that requires us to come together, Republicans and Democrats, to create a bipartisan solution that will secure American’s economic strength and our future.