Absurd Federal Spending Puts U.S. At 'Tipping Point' (Gov. Mark Sanford)

It’s worth noting the fact that we are at a truly frightening tipping point with regard to federal spending, and the consequences it will have for every current –- and especially future -– taxpayer here in South Carolina. This year, government spending will account for more than a quarter of the entire economy, a level not seen since our country was fighting for its survival against Nazi Germany and Imperial Japan. Federal debt is nearly the size of our yearly economy, and is about four times the size of the economy when you add in other government promises like Social Security and Medicare.

That’s why this stimulus debate we’re having in South Carolina is so important. Though today’s taxpayers are the ones who benefit from the so-called ‘stimulus,’ they’re not the ones paying for it –- it will be their children, their grandchildren, and likely their great-grandchildren. We continue to believe that in the midst of this spending, it’s important to leave a dividend for those future taxpayers in the form of debt repayment.