Government spending at its current level is “immoral, wrong and unfair” to the future generations that will be left to pay off ever increasing amounts of debt, Rep. Jim Jordan, the chairman of the Republican Study Committee tells Newsmax.TV.
That's why the new budget proposal the committee revealed on Tuesday is so much better than another GOP proposal put forward by Budget Committee chairman, Rep. Paul Ryan, he said.
“We have a debt that is bigger than our entire economy, a debt that’s bigger than our GDP,” said the Ohio congressman. “We have to talk straight with the American people and say we are now making interest payments of $230 billion a year and that is going to increase dramatically over the next 10 years to where interest payments will be bigger than what we currently spend on national defense.
“It is immoral, it is wrong, it is unfair for one generation to live for the moment, to spend for the moment and send the bill to our kids and our grandkids. That is just wrong.”
Jordan said one of the things that makes America great is the concept that each generation makes sacrifices so their children can have a better life than they had. “Each generation has done it for the next until now.
“For the first time in American history we have a generation of Americans living for the moment and saying, ‘That’s OK, and we will send the bill to someone else.’
“We need to make that case and spell out what happens if we don’t begin to fix it, that we will in fact have a debt crisis just like Greece, just like Italy, just like these other countries are facing today. That should not happen to the greatest country in the world and that’s what our budget would prevent.”
The conservative Study Committee’s budget would cut $3.4 trillion from entitlement payments, increases the retirement age and reforms Medicare. It would also repeal the Affordable Care Act, which the Supreme Court is currently reviewing for constitutionality, and make the George W. Bush tax cuts permanent.
It is a rival to the one put out by GOP Rep. Paul Ryan of Wisconsin last week. Jordan said his group’s plan would balance the budget within five years while Ryan’s would take 28 years to reach the same goal. He described the Ryan budget as having “some good policy ideas,” adding, “It is certainly 1,000 times better than the president’s budget.
“We get to balance much faster,” he added. “Think about this, if you get to balance in five years, then you can begin to pay down that $16 trillion debt. If it takes 28 years to get there, while you are getting to that balance point, you’re still adding to that $16 trillion debt that is now bigger than our entire GDP.”
“That’s a bad place to be and that is why we have to get there much sooner.”
He said that 261 House members – a clear majority – voted for a balanced budget amendment to the Constitution last year, so logically they should back his group’s budget now. “Our budget is the only one that would comply with that requirement, because we would get to balance in a short enough period of time. So if they want to be consistent, members should be supporting the RSC budget.”
Jordan said even Democrats should support his plan, especially if they want to hold on to their seats in November’s election. “Ultimately what gets politicians’ attention is what happens on Election Day,” he pointed out.”
But he said he expects the year will end with a continuing resolution to prevent a government shutdown and a plan to kick the hard decisions down the road.
He said President Barack Obama’s policies on a variety of issues, including the possible expiration of the Bush tax cuts at the end of the year have made life very uncertain for businesses.
“They don’t know what’s coming on healthcare – obviously the Supreme Court’s hearing that now – they don’t know what’s coming on tax policy because these tax cuts are set to expire, so there is all this uncertainty. There is the additional burden of new regulations that the Obama administration, keeps placing on business owners.
“So if we can provide some certainty on the tax side that would certainly help. What we can do, what we should be focusing on, is creating an environment, creating a framework that’s conducive for economic growth.
“Right now I would argue this administration with its uncertainty on taxes, with its increasing regulation, with the uncertainty on healthcare, is doing just the opposite, they’re creating uncertainty out there and creating an environment that is not conducive to economic growth.
“We need to reverse that and show how to do that. We do that in our budget plan.”
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