12 Sep 2021 Limited Spending Key to Economic Stability
In a commentary syndicated by InsideSources, Martin says America’s fiscal chaos can be blamed on many things. And the sad fact is that “we are still making similar mistakes and risk a latter-day crisis.”
The big problem is simple:
Our history of reckless spending is steeped in “pork” projects emanating from both sides of the aisle known as earmarks.
And it’s not like we shouldn’t know better:
Throughout history, no society has ever taxed or subsidized itself into prosperity. Continuing a path of taxing and spending at record levels will only lead our nation further down a path that no one presidency or Congress could ever fix.
So our only real option is capping spending and finding more cost-effective, responsible governance.
Martin’s solution? A requirement for government to abide by a balanced budget.
Of course, there may be some unprecedented times – like what our nation just went through (or is still experiencing, depending on who’s talking) – that may make bending the rules necessary. But such extraordinary circumstances should require the approval of a supermajority of Congress.
“At some point, we will come to a crossroads,” Martin warns, at which point we will need to answer some tough questions:
- Do we follow the failed European model where carrying debt is a good thing – until it is not?
- Do we find a bipartisan path to fiscal responsibility?
- Do we learn how countries such as Greece, Venezuela and Cuba – which thought that massive spending would guide the way to prosperity – saw their economies suffer?
- When is the debt high enough to do something about it?
Both political parties, he asserts, are to blame for the current situation. Both parties must embrace reform. And the answer is “bind[ing] the government into living within its means.”
Martin’s commentary has appeared in papers nationwide, including the Munster Northwest Indiana Times. Click here to read all of Martin’s commentary – “The American Economy is at a Crossroads” – at the InsideSources website.
InsideSources syndicates to almost 300 newspapers nationwide with a readership of over 25 million people.