President must now deliver on a balanced budget

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The president is required by law to submit a budget proposal for the next fiscal year by the first Monday in February. When the president finally submits his budget next week on April 10th, he’ll officially be over two months late. Not only that, but the White House disclosed yesterday that their budget would literally never balance while we already are currently 16 trillion dollars in debt. If I were two months late on figuring out my budget, fees, fines and collectors would be knocking at my door.

I was raised, as are many Hispanics, to live within my means. Growing up, if I wanted to buy something, I had to earn the money and pay for it myself. There was no going down the street for a loan from a neighbor, let alone going across the ocean and borrowing over a trillion dollars from China. Don’t get me wrong, I have credit cards and a mortgage just like most anyone else but my finances are all within my means. America’s gross debt is just about at 100% of our economy. That doesn’t really sound like the country is living within its means. 

Yet the president says his values are in line with the Hispanic community. 

The Hispanic community I work with every day at the Hispanic Leadership Network takes pride in a job well done, providing for their families and maintaining a personal budget that does not run deficits. We work hard to afford a better life, to pull ourselves up by our own boot straps. We want to set a good example for our children and grandchildren, the future of the community. We want economic prosperity and free enterprise to provide the success our community deserves. It is immoral to put forth a budget that never attempts to balance.

How can the president claim to be looking out for the economic prosperity of future generations if he’s not trying to get America’s fiscal house in order? 

He recently proclaimed April to be National Financial Capability Month, calling upon all Americans to observe this month with programs and activities to improve their understanding of financial principles and practices. This coming from someone that continues to add to our national debt and seems to believe running a country on an ever growing deficit is nothing to worry about. Our sister organization, the American Action Forum, has run the numbers about budgeting the way the president does, and they do not look promising. It is a stark contrast to the budget recently passed by the House of Representatives that balances our budget in ten years and grows our economy and is fiscally responsible.

Shouldn’t a president lead by example?

We’re looking forward to your budget Mr. President. Let’s hope your understanding of financial principles and practices has improved. We need a balanced budget that doesn’t add to our debt. You’ve already added over $6 trillion to the national debt, where I come from, that’s shameful.

Korn is Executive Director of the Hispanic Leadership Network. Previously, she served in President George W. Bush’s White House as Director of Hispanic Affairs.