Economic Insanity

Yesterday Moody’s Investors Service, the leading global credit rating firm, issued a dire warning to the United States. It stated that if our deficit was not reduced or economic growth was not more robust than expected, that this country may well lose its Triple-A credit rating. This would mean that fewer entities would be willing to loan us money and that the interest rates for future loans would go up. This was to be expected after last year’s borrowing and spending spree. The proposed 2011 budget that was submitted this week was the final straw.

This proposed budget did not seek to stabilize debt levels in relation to gross domestic product nor did it seek to reduce spending. Will someone in Washington get serious about this impending financial disaster? We must stop spending what we do not have. Cutting 20 billion dollars from a 3.8 trillion dollar budget is not getting serious about our debt level.

It is almost impossible for economic growth to become more robust. The uncertainty that Washington has created with current and proposed legislation has seriously frightened businesses. They are afraid to grow and are hunkering down waiting to see the outcome of the governmental storm. They do not know what new taxes or regulations will be imposed on them next. Government has become a roadblock to economic growth.

If we hope to remain a tier one nation, Washington must curtail its compulsive spending and borrowing. You must know that the Jobs/Stimulus bill you are considering is stuffed with waste and pet spending projects. You must know that the proposed budget contains the same unnecessary wasteful spending. You must come to your collective senses and cut these useless expenditures. Irresponsible spending and borrowing did not work last year and it will not work this year. Washington has put the nation at risk.

Signed,
The Electorate