By Bill Wilson — This legislation the House has passed that will extend the payroll tax holiday, unemployment benefits, and the “doc fix” for another year without paying for it will add $165 billion to the debt over the next three years. This is simply inexcusable. They are promising partial pay-for’s down the road, such that the ten year cost will supposedly be brought down to $89 billion. That’s still too much. Republicans took a majority in the House promising to reduce the debt. This bill speeds up the bankruptcy of Social Security, adds significantly to the debt, and betrays the voters who demanded fiscal responsibility in 2010.
The economy is beleaguered by excessive debt, both public and private, and we will not work our way out of this malaise with yet more debt. This legislation is counterproductive and denies the growing body of evidence that too much debt has become severely detrimental to economic growth. The spenders in Washington, D.C. are completely clueless to what ails our economy. We need new leadership.
Bill Wilson is the President of Americans for Limited Government. You can follow him on Twitter at @BillWilsonALG.