August 8th, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today responded to Barack Obama's :
"Barack Obama is trying to reassure markets that somehow, his super-committee is going to seriously address the nation's growing debt problem. And he's calling for more tax increases on job creators, and yet more deficit-spending that will fail to get the economy going again and will only add to the debt. Obama has learned almost nothing from his failed policies that have led the nation to the edge of financial ruin.
"The debt is not out of control because we tax too little, it's because we spend too much. The debt is growing much faster than the economy and Washington refuses to do anything about it — and that is the primary reason for the S&P credit downgrade.
"The reason the debt is growing so fast is because since FY 2007, the deficit has gotten completely out of control, rising from $160 billion to $1.5 trillion today. $1.1 trillion of the increased deficit was because of increased spending, and only $394 billion was because of less revenues even with the same tax rates in place. And then, the lost revenues were because of the downed economy, which Obama has failed to turn around.
"Failure to address the spending problem threatens the fiscal solvency of our nation. Barack Obama's continued insistence to blame everything but the spending indicates that he is completely out of touch with the fiscal reality facing our nation. Congress should get back to town to seriously address the nation's spending addiction."
"S&P Downgrade Vindicates Tea Party Warnings," by ALG Senior Editor Robert Romano, August 8, 2011 at http://blog.getliberty.org/default.asp?Display=3561 .