Peoples forum: We have become a country of entitlements
Posted: 11/29/2012 at 1:15 am
According to the National Commission On Fiscal Responsibility And Reform, in 2010, federal spending was nearly 24 percent of Gross Domestic Product. Only during World War II was federal spending a larger part of the economy. Since the last time our budget was balanced in 2001, the federal debt has increased from 33 percent of GDP to 62 percent of GDP in 2010. Foreign creditors currently own more than half our public debt, and the single largest foreign holder of our debt is China.
Barack Obama did not get elected because of his record of fiscal responsibility, he was elected because of his promises to continue to support out-of-control spending. We have unfortunately become a country of entitlements. Every sacrifice we refuse to make today will force greater hardship and sacrifices of hope and opportunity on the next generation and their generation.
In his inaugural address, President John F. Kennedy very eloquently summed up what we should be doing when he said, ďAsk not what your country can do for you ó ask what you can do for your country.Ē Good advice then, great advice now.