Washington, DC — I was pleased to hear the President talk about debt reduction in his state of the union speech tonight. Make no mistake: Ending the burden of trillion dollar deficits and $14 trillion in national debt on our economy is the key to setting the private sector free to create jobs.
While I agreed – wholeheartedly – with the President’s call to cut spending, candidly, and with all respect, when I heard the President say one of the pillars of his economic plan is to redouble our efforts to spend more on ‘infrastructure,’ I had to wonder if we haven’t heard that before. After all, last year, under the original ‘Stimulus Plan’ we borrowed and spent billions on ‘infrastructure’ – and lost 2 million jobs.
Today the federal government takes in $200 billion a month and spends $300 billion. That, as the President said, is “unsustainable.” For two years, we have been trying to spend and borrow our way to prosperity. We cannot stay on the same course and expect different results.