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 Just
a few weeks ago, the nonpartisan Congressional Budget Office announced
that in just the first ten months of fiscal year 2008, the federal
government incurred a $371 billion deficit - $213 billion more than a
similar period last year. Not surprisingly, the CBO also said that about
half of that increase was a result of the $168 billion
economic stimulus package that was passed at the beginning of the
year.
When Congress voted on the economic stimulus plan earlier this year,
they did so with the stated purpose of reinvigorating our sluggish
economy. Unfortunately, this “reinvigoration” came at the expense of our
economic future. Since the money used for the economic stimulus was not
offset by equal spending cuts, it had to be borrowed, resulting in the
increased deficit and causing American taxpayers to carry the economic
burden over the long-term. I voted against the economic stimulus for
that very reason. In a rush to put together quick solutions for our
nation’s biggest challenges, the opportunity to focus on real solutions
is being disregarded.
So, how do we fix our economy for the long term?
We have to get government spending under control. Entitlement
spending, or spending that takes place automatically every year without
new action from Congress, is currently 62 percent of our overall federal
budget. The CBO projects that over the next ten years, Medicare,
Medicaid, and Social Security spending combined will grow 39 percent
after adjusting for inflation and population growth. In order to honor
the commitments that have been made to our current seniors and
tomorrow’s seniors, we must make the necessary steps to reform and
modernize these systems so that they work for us well into in the 21st
century.
We need to put business back in the hands of America’s entrepreneurs.
Right now, unnecessary regulations and high tax burdens on
businesses discourage business growth. American businesses must compete
with businesses in growing countries like China on an unlevel playing
field, since foreign companies are not required to meet similar U.S.
regulations. By reducing unnecessary regulations, cutting small business
income taxes, and allowing for faster expensing of business equipment,
we will encourage productivity, create more jobs, and increase our
global edge.
We must increase our global competitiveness. The National
Assessment of Educational Progress (NAEP) produced a study showing that
the achievement of U.S. students in math and science programs, when
compared to other nations, is inconsistent with our role as a leader in
scientific innovation. In a global economy driven by technology, we
can’t afford to fall behind. We need to place a renewed emphasis on math
and science education for our students, so they can maintain our
competitive edge as they enter the workforce and eventually become the
driving strength behind our economy. We can do this even as we strive to
meet our nation’s biggest challenges. Creating a national initiative,
like the
New Manhattan Project for Energy Independence, will not only release
our dependence of foreign oil, but it will energize a whole host of
young people to go into the fields of math and science, just as we did
with the Apollo project in the 1960s, establishing our leadership in
math and science for decades to come.
Most importantly, we must show leadership in turning around our
economy. Members of Congress, the Administration, and individuals in
the United States must stand up and refuse to accept short-term
gimmicks. We need long term solutions that deliver a fiscally
responsible budget and reduce our deficit. If we want a growing,
competitive, and healthy economy, we cannot continue to accept temporary
fixes at the expense of tomorrow.
Forbes Calls for a Solution to Rising Gas Prices Before Adjourning
Congressman Forbes released the following
statement after the Majority leadership succeeded in a vote to adjourn
for a five-week recess without taking up
legislation to help American families stressed under the weight of
record-high gas prices.
“When American families are burdened by
skyrocketing gas prices, it is a shame that the Majority leadership of
this Congress would call for early adjournment for a five-week recess
rather than bring bipartisan energy legislation
to the floor for a vote. There are many options on the table that have
broad support from many Americans – including the New Manhattan Project
– to expand American-made energy, encourage conservation, and decrease
our dependency on foreign oil. There is no good reason that Congress
shouldn’t address this issue before going home.
“I am thankful that at least 17 Members
of the Democratic caucus were bold enough to oppose the Adjournment
Resolution because they felt it necessary to address a situation so
prevalent in our nation today.”
To read about Congressman Forbes proposal
to address the energy crisis,
click here. |
