Next week, the Obama administration will celebrate its 100th anniversary in office. The first three-plus months of this administration have been tumultuous, to say the least. Facing the worst economic crisis in generations, President Obama and Democrats in Congress have gone on a spending spree the likes of which our nation has never seen. In fact, the administration spent more in its first 100 days than all previous presidents combined—not an accolade to be proud of.
Feeling the heat, the President asked his Cabinet to begin identifying wasteful programs to cut the federal budget. While this kind of talk sounds good, the inescapable fact is that the administration and Congress have spent the last three months piling mountains of wasteful debt onto the backs of our children and grandchildren. Just look at how some of the so-called “stimulus” dollars are being spent. Despite promises of transparency and accountability from the administration, hundreds of millions of taxpayer dollars are spent on wasteful projects: a skateboard park in Rhode Island, bike racks in the District of Columbia, highway studies instead of construction projects in my native Ohio, and programs run by housing agencies that repeatedly they failed audits – all in the name of “economic stimulus.”
This Sunday is a symbolic day not only of our government’s arrogant spending culture, but also of our administration’s borrowing mania. It’s called “Debt Day.” Many workers have become familiar with the concept known as “Tax Freedom Day,” the day on which Americans each year become self-employed after paying their annual Uncle Sam tax. Debt Day is very similar. This is the day of the fiscal year – beginning October 1 of the previous calendar year – on which total government spending exceeds total federal revenues. And in our current fiscal year, it falls on April 26 – this Sunday, a few days before the Administration’s 100th day. In low, about halfway through fiscal year 2009, Washington ran out of money.
I often like to point out the folly of politicians spending money we don’t have. Well, Debt Day illustrates exactly what I’m talking about. Starting this Sunday, every day from now until September 30, 2009, when the federal government’s fiscal year ends, we will be spending deficits and accumulating enormous debt on the backs of our children and grandchildren.
Think about it from your family’s perspective. If your entire annual income was withdrawn in the first six months of the year, would you spend it all in that first half of the year and put the rest of your annual expenses on a credit card – sinking your family deeper and deeper? in debt? Almost certainly not. A responsible family would exercise some discipline in preparing and following a budget so that its annual expenses are spread throughout the year.
This is the concept that House Republicans had in mind when we proposed a better solution a few weeks ago during the budget debate. Our plan would reduce spending, create jobs through tax cuts, and control debt – all with the goal of restoring fiscal sanity to both ends of Pennsylvania Avenue. But the Democrats in control of our government wouldn’t mind.
Washington’s attitude gives modern meaning to the popular sales slogan “buy now, pay later.” Congress and the White House have burned through our government’s “revenue” for the current fiscal year – a practice that shows no sign of stopping with the coming and going of Debt Day on Sunday. So Washington will continue to “buy now” while taxpayers in 10, 20 and 30 years will be forced to “pay later.” And if they pay dearly, they will do it.
This weekend, countless American families will take their children to the park, soccer practice or other family outings. As you spend these moments with your children, think about what else this weekend means: a time when the federal government pushes these same children deeper and deeper into debt. Let’s hope the White House and Congress start thinking along the same lines and, more importantly, start doing something about it.
