Fiscal Responsibility

Poor economic planning, tax give-ways for the super-rich (the top 1%), unfair trade pacts, wasteful spending, and the unending civil war in Iraq, have driven our federal debt to over $9.36 trillion. Let’s understand that number: it’s quickly approaching almost $31,000 for every America citizen, and over $100,000 for every American child. That’s the national debt we are leaving our children and grandchildren!

As our expenditures and debt increase, we must borrow more from China and other foreign countries to cover our costs. This weakens our dollar and undermines our economy. We’ve seen what happens when lenders start foreclosing on delinquent mortgages. What will happen to our country when foreign governments start demanding payment and “foreclose” on the United States?

George Bush’s tax give-aways to the wealthiest Americans (the top 1%) will cost the United States over $2.3 trillion by the end of 2009. Again, let’s understand his number: there are about 117 million individual taxpayers in the United States—1% is 1.17 million. On average, they will have received almost 2 million dollars each! And, who’s paying for it? The rest of us, the other 99%. The result: each one of the 99% will have paid about $20,000 to each one of the 1% so that the 1% can receive about $2,000,000 each. Our current Republican congressman supports that policy 100%. That’s unfair, that’s un-American, that’s wrong!

This is my plan for restoring fiscal responsibility:

1. End the “Trickle Down” Bush Tax Give-Aways for the Wealthiest 1%.
Start “Bubble Up” Tax Breaks for the rest of America
Tim fully supports tax cuts for middle-class and poor families, especially in these times of job cuts, mortgage foreclosures, and families working more but falling behind and fearing what will happen next. But, most of the Bush tax cuts went to the top 1%--that’s the failed policy of “trickle down” economics. Instead, it’s time for tax breaks for the rest of America and let it “bubble up” through the economy.

2. Common Sense—A Balanced Federal Check Book
Every family knows that you can’t spend more than you bring in without dire consequences later on. Tim believes that Washington must work on the same common sense pay-as-you-go basis—if it’s right for the kitchen table it’s right for the congressional table. And, like our home mortgages, anything that’ s financed through debt—like tanks, planes, bridges, and buildings—should have a life expectancy longer than our debt; just like our home is expected to be around longer than our mortgage.

3. Trim Pork Barrel Spending
We must require the complete disclosure of special interest earmarks. And, if they are not in the best interests of real people in our local communities, they should be slashed.

4. End Wasteful Spending
Federal programs need to be continuously reviewed; those that are obsolete, inefficient, or ineffective should be cut. No “rubber stamp” just because “we’ve always done it.”

5. Transparency in Government
Each member of Congress must be compelled to publicize all congressional budget requests directly on their official website. Americans should be able to “follow the money” and know exactly where their Representative and Senators are spending our tax dollars.

Related: Tim's Plan for the Economy