Contact FreedomWorks

400 North Capitol Street, NW
Suite 765
Washington, DC 20001

  • Toll Free 1.888.564.6273
  • Local 202.783.3870

Blog

    Paul Ryan: Country can't sustain these high levels of debt

    02/04/2011

    The history of public debt is the very history of national power: how it has been won and how it has been lost. …  But never, outside periods of total war, has the debt of the world’s most powerful states grown so immense. Never has it so heavily threatened their political systems and standards of living. Public debt cannot keep growing without unleashing terrible catastrophes.

     Jacques Attali
    French Economist

    “No economy can sustain such high levels of debt and taxation. The next generation will inherit a stagnant economy and a diminished country.”

     

    Paul Ryan is a sincere Member of Congress from Wisconsin.  When elected to Congress at age 28, Ryan sought advice on how to be effective.  Barney Frank from Massachusetts suggested focusing on a couple of government’s functions – become an expert.  Fortunately for America, Ryan is the most knowledgeable Member of Congress on the budget – the revenues and expenses of the United States of America.

    Ryan knows America must reduce spending.  In response to President Obama’s State of the Union address, Ryan said:

    We face a crushing burden of debt. The debt will soon eclipse our entire economy, and grow to catastrophic levels in the years ahead.

    On this current path, when my three children – who are now 6, 7, and 8 years old – are raising their own children, the Federal government will double in size, and so will the taxes they pay.

    No economy can sustain such high levels of debt and taxation. The next generation will inherit a stagnant economy and a diminished country.

    Acknowledging that previous Democrat and Republican presidents and congresses had created the current financial debacle, Ryan referenced the gigantic increase in spending by the Obama administration:

    The facts are clear: Since taking office, President Obama has signed into law spending increases of nearly 25% for domestic government agencies – an 84% increase when you include the failed stimulus.

    All of this new government spending was sold as “investment.” Yet after two years, the unemployment rate remains above 9% and government has added over $3 trillion to our debt.

    Then the President and his party made matters even worse, by creating a new open-ended health care entitlement.

    Our debt is out of control. What was a fiscal challenge is now a fiscal crisis.

    We cannot deny it; instead we must, as Americans, confront it responsibly.

    Ryan, as a Member of Congress, has faced up to the enormous and dangerous debt.  He has earnestly studied the federal budget, and has the courageously published The Roadmap for America. 

    Courageous?  Absolutely, instead of political double-speak by deflecting and obfuscating, Ryan has proposed solutions to healthcare, Medicare, Social Security, tax policy and the poor.  All of these programs have direct implications for every America, and will affect every American.  By boldly proposing solutions, Ryan exposes himself and the proposals to ridicule and political demagoguery.   Playing politics as usual, President Obama and every Member of Congress know the dangers of America’s debt but avoid acknowledging the magnitude of the crisis and have proposed no solutions. 

    Immediately, every Senator, Member of Congress and President Obama must deal with the looming debt catastrophe.  Again, politics as usual is to deflect, obfuscate and delay.  This must cease.  Failure to reduce the crushing burden of debt will degrade the economic vitality, freedom and hegemony of America.

    Time is of the essence.  The debate must begin.  Ultimately, the future of democracy and freedom will be decided by the votes made by elected officials.  Perilously, these decisions are far too important to be resolved by politicians.  All Americans must be knowledgeable and active.  The future of America, democracy and freedom will be decided in the next couple of years.