This year’s deficit is the largest federal deficit ever recorded. Under the Bush Administration, we have experienced the five largest deficits in history.  I believe that fiscal responsibility is essential to our country’s well-being and that is why I am a member of the Blue Dog Coalition. Nearly half of our nation’s record debt is owned by foreign countries and more than 80 cents of every dollar of new debt is bought by foreign investors. Without a return to fiscal discipline, the foreign countries that already make our computers, our clothing, and our toys will soon be making our foreign policy. Deficit spending is not just a fiscal problem - it’s a national security issue as well.”

In April 2008, the debt stood at $9.4 trillion, meaning that each individual’s share of the national debt is at nearly $31,000. Such a large debt acts as a drag on our economy. In a time when gas prices are increasing everyday and a housing crisis is upon us, we need to make sure that the burden on future generations does not increase.

This entry was posted on Friday, July 18th, 2008 at 2:29 pm and is filed under Politics .