Last week Federal Reserve Chairman Ben Bernanke told the House Budget Committee that "unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth." Those powerful words come on the heels of the annual Medicare and Social Security trustees’ reports which show that both programs are hurtling toward bankruptcy faster than earlier predicted.
The over $56 trillion our nation owes in unfunded entitlement obligations combined with this year’s $1.8 trillion deficit and record national debt topping $11 trillion should be a wake-up call that lawmakers must act in a bipartisan way to get our nation’s finances in order. With our national economy linked to the global economy, we also should be alarmed by the downgrading this week of Ireland's credit rating to AA from AA-plus - its second cut in three months - by Standard & Poor’s Investment Service, which previously predicted the U.S. could lose its AAA bond rating by 2012 if we don’t reverse our financial course.
I continue to advocate for the creation of the bipartisan SAFE Commission that would put every spending program and tax policy on the table for discussion. Congress would be forced to vote on the commission’s legislative proposal. This bipartisan effort could help ensure that we don’t leave our children and grandchildren buried under a mountain of debt. Please visit www.wolf.house.gov/SAFE for additional information.
Wednesday, June 10, 2009
I found this email interesting from my Congressman Frank R. Wolf from Virginia's 10th District. Frank is on the Appropriations Committee Actually, I was somewhat taken aback as Frank is not one to cry "wolf". He is pretty quite even with his food drives, Northern Virginia transportation and power lines thru Loudon County issues. So here we have someone trying to make sense of the nations checkbook (so to speak) and he is concerned? Well, here is the text of his email:
This isn't some right wing conservative talking head or radio spin mister putting this out. This is someone who works with appropriations day-in-day-out. Bernake, the deficit, the nations debt, U.S. bond rating, of course concern for our children and grandchildren, its all there. I hope people are paying attention and are planning to participate in the upcoming 4th July Tea Party events.
Tea Party Patriots homepage - http://teapartypatriots.org/