OPINION: Debt And More Debt

From The Heritage Foundation, I’m Ernest Istook.

Our national debt just passed the 15-trillion-dollar mark. Our biggest creditor is no longer China; they’ve gotten skittish. Now our biggest creditor is the Federal Reserve System. It does this by printing more dollars, making each dollar worth less. In a word, that’s inflation.

So what is Congress doing about the debt? They approved more borrowing and more spending, but appointed a super committee to find solutions. They haven’t. And those who propose higher taxes on the rich don’t understand or don’t care that it would make our anemic economic growth ever slower, leaving people struggling to find jobs.

The simplest answer is to cut spending. We should start by repealing the trillions of new spending in Obamacare. Government spending would drop, health insurance costs would slow down, and businesses would feel it’s safe to expand again.

Repealing Obamacare ought to be a no-brainer.

From The Heritage Foundation, I’m Ernest Istook.

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