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Who Is Going To Pay Off Obama's Debt? Our Kids

Posted By Gerrit Lansing On April 7, 2009 @ 9:51 am In Ongoing Priorities | Comments Disabled

Employment took another hit in march, according to the Bureau of Labor Statistics [1], with job losses climbing another 0.4 of a percentage point to 8.5 percent, the highest level since 1983. What should we do? Heritage scholars James Sherk [2]and J.D. Foster [3] have an idea [4]:

These discouraging numbers underscore that Congress should not embark on an anti-growth taxing and spending frenzy. Unfortunately President Obama’s budget currently before Congress would do just that, increasing spending by more than $1,000,000,000,000–one trillion dollars–over the next decade.

This is precisely the wrong time to burden the economy with higher taxes and additional wasteful government spending. Remember, if government spending got us out of recessions, why would we ever have recessions? We’d just spend out way out of everything.

But no matter. If worse come to worse, and we can’t pay off all our debt, we’ve got this whole group of cheap, unskilled laborers to pick up the slack:


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2009/04/07/4994/

URLs in this post:

[1] according to the Bureau of Labor Statistics: http://www.bls.gov/news.release/jolts.nr0.htm

[2] James Sherk : http://www.heritage.org/about/staff/jamessherk.cfm

[3] J.D. Foster: http://www.heritage.org/about/staff/JDFoster.cfm

[4] an idea: http://www.heritage.org/Research/Economy/wm2380.cfm

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