February 17, 2010

In Case You Missed It: Boomers Mortgaging Our Children’s Future

From CNBC
By Carly Fiorina

As parents and grandparents, many of whom are part of the Baby Boomer generation (including myself), we always think about what is best for our children and grandchildren.

The same must be true in government as it is in our personal lives. In every policy decision, we must consider both its short-term and long-term effects.

In no other place is this more apparent than in our fiscal legacy. The policy decisions made in Washington have caused our national debt to hit its highest level in history. Our federal deficit is rising rapidly and it is our children who will pay the price.

We’ve already seen the negative effects of this misguided policy. Job losses across the nation are hurting our families, communities and businesses. We have not seen the economic recovery that we were promised would result from this increased government spending. Yet, we are not seeing a shift in policy coming from Washington.

Earlier this month, President Obama laid out his budget for the coming year, which is supposed to be a roadmap for the nation’s fiscal future. However, instead of putting America on a fiscally sound path, the proposal drives skyrocketing federal spending to new heights, raises taxes by more than $2 trillion and increases the debt we are leaving to our children and grandchildren by trillions of dollars.

Increasing national debt and a sky-high federal deficit fundamentally weigh down the economy in the long term. And, in the short term, it slows down our nation’s ability to recover from the recent economic downturn. Not to mention the fact that it is inhibiting job creation.

If Washington is serious about economic recovery in the short term and economic growth in the long term, it must focus on growing the economy and cutting spending. These are the two primary ways to reduce our deficit and control our debt.

Growing the economy requires investing in our nation‚Äôs true economic engines: small businesses, family-owned businesses and entrepreneurs. They employ more than 50 percent of Americans and create two-thirds of our nation’s new jobs. They will be the ones to lead us through these difficult times. We must champion policies that will help them grow and succeed. Our focus should be to get credit flowing again, ease their tax burden and reduce the weight of onerous regulations that stifle their growth.

Cutting spending requires prioritizing the programs that are most effective-not the ones that are most expensive or politically popular. It also means taking a good look at how government does business and taking swift action to eliminate waste and fraud. And it certainly takes a whole lot more than just slowing the growth of a mere 13 percent of our federal budget.

Washington must make the hard decision to end its spending spree and take the time to build our economy. Only then will we be successful in building a stronger financial future in which our children and grandchildren can thrive and succeed.

To read the entire article, please visit: http://www.cnbc.com/id/35315650

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About Carly Fiorina

Carly Fiorina is running for the U. S. Senate because she knows fiscal conservatism and a focus on jobs is the way to return America to greatness. More

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