How To Get Started in Reducing the Size & Scope of Government

3/6/15
 
   < < Go Back
 
from Heritage Foundation,
2/6/15:

In addressing the challenges facing Congress in 2015, Jim DeMint, President of The Heritage Foundation, noted that “Americans expect more from their leaders than just tapping the brakes as we drive off a fiscal cliff.” Indeed.

The 114th Congress has an opportunity and obligation to stop Washington’s taxpayer-financed spending spree. Over the past 20 years, spending has grown 63 percent faster than inflation. Unless leaders emerge with the courage to change the nation’s course for the better, the future looks like more of the same as total annual spending will grow from $3.5 trillion in 2014 to $5.8 trillion in 2024.

Congress is financing the profligate spending by increasing taxes and incurring stunning amounts of debt. In 2014, Congress borrowed 14 cents of every dollar it spent, totaling a half a trillion dollars. Even more alarming, the country just surpassed $18 trillion in cumulative national debt. According to the Congressional Budget Office (CBO), the country is projected to borrow another $9.6 trillion over the next 10 years.

The Danger of Inaction. Every generation confronts a defining challenge by which it will be judged, and so does every Congress. To understand why controlling spending and debt is the signature challenge of the 114th, one must understand the consequences of inaction. In its long-term projections, the CBO warns3 that failure to get spending and debt under control include:
- A Slower Economy.
- A National Security Risk.
- Limitations in Responding to Unexpected Challenges.

Whats the Problem. Here are eight charts that identify the problem.

CHART 1: Federal Government Has a Spending Problem, Not a Revenue Problem

CHART 2: Major Regulations Soaring

CHART 3: Federal Spending per Household Projected to Rise

CHART 4: All Tax Revenue Will Go Toward Entitlements and Net Interest by 2031

CHART 5: Publicly Held Debt Set to Skyrocket

CHART 6: Each American’s Share of the Public Debt is Skyrocketing

CHART 7: Sequestration Does Little to Reduce Total Federal Spending

CHART 8: Looking Ahead: Comparing 10–Year Federal Budgets

Where to Begin.A journey of a thousand miles begins with a single step.” This compilation of [106] recommendations is about … holding the purse strings … to cut federal spending and reduce the size and scope of the federal government.

Entitlements, the ultimate challenge. Entitlement reform involves complex and extensive policy changes that require far more explanation than this book’s format allows. Readers are encouraged to explore The Heritage Foundation’s many resources on these topics.

More From Heritage Foundation: