Telling Washington That Taxpayers are Not the Government’s ATM

Daniel Anderson / June 25, 2010

In the week leading up to the G-20 Summit in Toronto this weekend, German Finance Minister Wolfgang Schäuble has added his voice to the growing discussion about the United States’ recession spending spree.  In a response to President Obama’s call for further international recession spending, Schäuble stated “governments should not become addicted to borrowing as a quick fix to stimulate demand. Deficit spending cannot become a permanent state of affairs.”

As if there were any doubt about the United States’ spending addiction, Heritage budget expert Brian Riedl explains, “the annual federal budget deficit is projected to reach 8.3 percent of gross domestic product (GDP) by 2020—more than three times the historical average.”

This means that if the US wanted to balance the budget by 2020, one-third of all spending would need to be eliminated or taxes would need to increase by 50 percent.  Mr. Schäuble is right, this cannot go on.

Tomorrow, Americans across the country will have the opportunity to proclaim their own discontent about the ever-growing deficit.  The America Speaks National Town Meeting plans to bring thousands of concerned citizens together to discuss solutions for this looming challenge. (more…)