As one of the few CPAs in this town, you’re going to be hard-pressed to find a bigger tax budget or economic geek than me. There is nothing that I enjoy more than having a discussion about debt-to-equity ratios and 302-B allocations and the difference between getting to primary balance as opposed to actually balancing the budget.
I’ve been told that normal people don’t enjoy those discussions. I can tell you one thing that normal people do have in common with me, and that is I think that they agree that the president is wrong when he thinks balancing the budget isn’t a priority. They get it. They know that every family has to balance their budget, every business, every hospital, every school district, every state and local government has to balance their budget. I think they’re confused as to why the Democrats’ budget never achieves balance and why the president doesn’t make it a priority.
This affects real lives. It affects them based on the inflation rate. When you’ve high debt ratios it affects the costs of goods and services. Their gas prices go up, utility bills, food, clothing, health care. Every family is affected by the inflation. Investments are affected. My savings account isn’t doing what it should be doing, our college savings plans, retirement savings plans … It scares small business.
Then there is this constant threat of a tax increase when you’ve got deficits. They have already gotten a trillion dollars from the health care bills, $620 billion on the millionaires and billionaires they campaigned on. Now they are coming for the middle class. These are the folks that are going to be the hardest hit by the next round of tax increases that are included in the Democrats’ budget.
There is enough blame to go around in this town. When Republicans had unfettered power in Washington, they blew it. They didn’t balance the budget the last time. Certainly when Democrats had unfettered powers they have taken these deficits to all new heights.
But I am proud to be standing before you today with a group of Republicans that are going to do what’s right for the American people: balance the budget in 10 years by saving programs like Medicare, Social Security, making responsible cuts without a tax increase. That’s going to grow the economy, put people back to work, and have a positive impact on American families.