Thanks to the outrageous, profligate spending habits of our elected officials, every taxpayer reading this is in serious trouble.
As Heritage Foundation budget expert Brian Riedl notes in a recent Web Memo, lawmakers are spending at such a frantic clip that if they don’t stop the madness, within a decade taxes will have to increase by nearly $7,000 per household just to balance the budget. And that’s on top of the $18,000 per family Congress is already collecting.
According to Riedl, the current spree has expanded government by 45 percent since 2001, and it shows no sign of slowing down. You and I must live within our means, but Washington politicians act as if they have absolutely no responsibility to do something as basic as paying their own way—to make sure they don’t spend more than they have, confident that somebody else will foot the bill when the party ends.
But help may be on the way—if, that is, lawmakers have the guts to get serious about changing their ways. A new budget proposal by the Republican Study Committee offers such a blueprint. Titled “Contract With America Renewed,” it outlines the tough choices necessary to get spending under control and thus avert the crippling tax increases we would otherwise face. The RSC proposal would, for example:
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