GOP Leader Blog

Democrats’ Tax, Spend, and Borrow Agenda Harms US Competitiveness, Study Finds
Posted by Kevin Boland on September 08, 2009
The Democrats' unprecedented spending binge is already impacting American competitiveness in the global economy, a new report by the World Economic Forum found.  As the Associated Press reported this afternoon:
The United States has lost its place as the world's most competitive economy, according to a survey released Tuesday, falling behind Switzerland mainly because of the financial crisis and accumulated fiscal deficits.
The report came on the same day that the Congressional Budget Office issued its Monthly Budget Review, which highlights the harm the Democrats' have inflicted against the nation's finances:
The federal budget deficit for the first 11 months of fiscal year 2009 was almost $1.4 trillion, CBO estimates, close to $900 billion greater than the deficit recorded through August 2008. Outlays were $518 billion (or 19 percent) higher...than the amounts recorded during the same period last year.
The following chart from the House Budget Committee Republican Staff, illustrates the rapid increase in the national debt under Speaker Pelosi and Washington Democrats:

Budget Republicans Chart 9-8-09

David Walker of the Peter G. Peterson foundation, in a recent interview with the Wall Street Journal, put the deficit numbers into perspective: "As for this year's likely deficit of $1.8 trillion, Mr. Walker suggests its size be conveyed thusly: ‘A deficit that large is $3.4 million a minute, $200 million an hour, $5 billion a day,' he says."  CNBC's Larry Kudlow put it another way: "Borrowing from Peter to redistribute to Paul is not fiscal stimulus. It's a fiscal depressant. Small businesses are having enough trouble getting their hands on credit. And now they can't find enough capital for new start-ups. The government prospers, but the small-business sector sinks." Either way you swing it, the Democrats' reckless spending, borrowing, and taxing means one thing: less economic growth, fewer jobs created, and ever higher taxes for small businesses and middle class families.  Add in a government takeover of health care and a job-killing national energy tax - and you have a prescription for permanent economic stagnation.   That's not what Americans want, or deserve, from their government.
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