Washington’s spending addiction

The new year begins with disturbing news that our national debt now exceeds the size of our total economic output -- something that hasn't occurred since World War II.

The nation’s ever-growing $15.2 trillion debt has surpassed our $15.1 trillion GDP (gross domestic product). This inauspicious start to 2012 represents a troubling development that will leave a heavy burden on our children and grandchildren.

Against this backdrop, the White House intends to ask Congress this month to raise the nation’s debt ceiling yet again.

Washington remains addicted to spending money it doesn’t have. This pattern of reckless spending by both parties over the past decade must end!

That’s why the very first measure I introduced in Congress was a balanced budget amendment to the Constitution. It simply requires the government to tighten its belts while all Americans are tightening theirs. Unbelievably, in the last 50 years, the federal budget has only been balanced five times. The time is now for Washington to make the tough choices necessary to balance the budget for taxpayers today and future generations.

And when it comes to the economy, there is no bigger issue than creating jobs and putting Americans back to work. We are suffering through the worst jobs climate since the Great Depression. It is imperative that both parties and the president put aside the partisan attacks, roll up their sleeves, and work to revitalize the entrepreneurial spirit that has made our country great.

Before coming to Congress, I was fortunate to serve 30 years in the private sector, creating thousands of jobs. I know what it means to hire new workers, balance budgets, and exercise fiscal discipline that keeps a business moving forward.

Visiting with local small businessmen and -women throughout our community, I am constantly reminded of one fundamental truth: Government doesn’t create jobs, the private sector does. That’s why we need pro-growth policies that invigorate private sector expansion.  We can start with a simpler, fairer tax code and less bureaucratic red tape to allow small business to prosper.

I have introduced my own jobs plan in the U.S. House. My 10-point plan contains some of the following provisions:

• Broadly restructure our corporate tax system in order to encourage businesses to keep their jobs in America, and bring new facilities and jobs here by making larger U.S. companies more globally competitive.
  
  
• Repeal the new, heavy-handed requirement that all businesses buy health insurance for their workers. Government-mandated health insurance coverage is a job-killer.

• Pass far-reaching legal reform that removes frivolous lawsuits from our court system. They slow down the justice system tremendously and also prevent legitimate claims from getting the attention they deserve.

• Abolish overly burdensome paperwork requirements on employers that drive up costs while keeping job growth down. We don’t need to make it any harder than it already is for a business to grow and expand.
  

It’s time for Congress and the President to work together to rebuild the prosperous economy that was once the envy of the world.



Rep. Buchanan (R-Fla.) is a member of the House Ways & Means committee.

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