The Denver Post today joins the chorus of those arguing it’s time for the Administration to stop out-of-control spending.
As the Western world’s leaders pledged to wean themselves from government stimulus programs this past weekend, President Barack Obama continued to call for expanded spending, claiming the economy cannot recover without it.
The administration also claimed it would begin reining in the alarming amount of spending once the financial bailouts and allotted stimulus spending ran their course. After all, total U.S. debt, including state and local obligations, is estimated to equal the Gross Domestic Product by next year. (Every man, woman and child’s share of the debt is now $42,283.)
Adm. Mike Mullen, chairman of the Joint Chiefs of Staff, repeated a warning last week that the mushrooming debt is the nation’s largest security threat. He noted the interest on the debt by 2012 — $571 billion — was as large as our defense budget, adding, “It is not sustainable.”
Hopefully lawmakers are hearing from those constituents who have had enough, and the purse strings soon will tighten.
We have yet to see proof that massive global spending can fuel a robust recovery. Why add more?
If this is not the time to stop, when will it be?
