About the Issue
Washington spending has reached historic highs in recent years, hitting a staggering 25 percent of our economy in 2009. Since 2008, Washington has been borrowing more than one-third of every dollar it spends.
Washington spending has reached historic highs in recent years, hitting a staggering 25 percent of our economy in 2009. Since 2008, Washington has been borrowing more than one-third of every dollar it spends. The spending explosion has been fueled by bailouts, “stimulus,” corporate handouts, welfare programs, and big, out-of-control entitlements like Social Security, Medicare, Medicaid, and now ObamaCare. “Auto-pilot” spending on entitlement programs has risen by more than 579% since 1965. The National Debt tripled between 2001 and 2012, and will triple again by 2020 if nothing is done to get federal spending under control. The interest alone on the current debt already accounts for 5 percent of the federal budget, but will equal the entire projected budget by the year 2050. It’s time to act. Otherwise, federal spending will bankrupt the United States, thwart economic growth, and threaten our global economic competitiveness. The size and scope of government must be returned to a level that the nation can afford. Taxpayers can no longer afford a bloated federal budget full of earmarks and programs for special interests. The budgetary process must be reformed to improve transparency and identify wasteful and redundant programs. In addition, institutional changes must be adopted to constrain spending by politicians. Examples include a balanced budget amendment, a debt-limitation amendment, and a supermajority in Congress for any tax increase. We are piling a mountain of debt on our children and grandchildren. FreedomWorks is working hard to control federal spending.