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Senator Marco Rubio To President Obama: Raising The Debt Ceiling A Sixth Time? | Kudrna's Stock Market Talk
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Senator Marco Rubio To President Obama: Raising The Debt Ceiling A Sixth Time? by | This entry was posted on Friday, January 6th, 2012 and filed under Economy/Macro/Politics   Comments Off


Another open letter to President Obama has gone viral among the masses via social media.  First it was Leon Cooperman’s letter to President Obama that was highly discussed, now it is Senator Marco Rubio expressing his frustrations with the President after he recently requested another debt ceiling increase. 

The dangers continue to grow as we recklessly add debt and make no significant cuts to balance the budget as Rick Santelli points out using basic math skills that anyone can understand.  Repealing the Bush Tax cuts on households making over $250k a year will only amount to $700 billion in savings over 10 years.  That equates to savings of $70 billion on a $1.3 TRILLION deficit, so clearly taxing the rich is just a political ploy to rally (blind?) the voter-base rather than an actual solution to the deficit problems.

What most don’t realize is that we are forced to create inflation just to continue to pay our bills and that inflation is a form of a tax on everyone, regardless of your pay scale.  Every year, the government inflates (taxes) everyone, regardless if you are rich or poor, but it’s an invisible tax until you start to realize that costs are going up around you and you’re not keeping up with inflation by increasing your own personal revenue year-over-year as your dollar loses its buying power.

After reading Senator Rubio’s letter, I must applaud him.  He calls out the President for not making any serious attempt at cutting spending, but rather making his sixth attempt (and it will be yet another successful attempt) at increasing debt limits.  He points out how President Obama keeps pushing off the growing debt discussion which makes it harder to tackle every day we let it grow.  Hopefully more citizens become aware of the importance of this topic before it becomes too late and we reach the point of no return as we follow the path of Greece, Italy, etc… Some believe we have already crossed the point of no return.  Let’s hope they are wrong.  The letter can be seen below.

The current US Debt Clock

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————

January 6, 2012

President Barack Obama
The White House
1600 Pennsylvania Avenue NW
Washington, D.C. 20500

Dear Mr. President

Any day now, news reports suggest you will ask Congress to approve yet another increase in the debt ceiling. The expected request is another $1.2 trillion, adding to a three year debt binge that has totaled $4.5 trillion on your watch and that has enabled our overall debt to surpass $15 trillion. Your latest request will push the federal debt limit well above $16 trillion.

This pending request will be the sixth time during your Presidency that Congress is being asked to keep allowing government and spending to grow at rates that are unsustainable. In other words, you have made it a routine part of your job to ask for more room to spend without any plan to reduce our debt.

Instead of making debt ceiling increases a routine Washington exercise, we need to make it routine to actually spend no more than we take in. Until then, I will oppose your request to continue borrowing and spending recklessly.

As I wrote in The Wall Street Journal in March 2011, I will oppose a debt ceiling increase unless such an authorization is accompanied by a real plan to tackle our debt. Ideally, such a plan would feature both pro-growth elements and spending restraints, including fundamental tax reform, regulatory reform, meaningful cuts to discretionary spending, a balanced-budget amendment, and reforms to save Social Security and Medicare.

If we had done this in mid-2011 when we last debated the debt ceiling, we could have set America on a path to economic growth and prosperity. This would have led to more jobs and, in turn, to more duly employed taxpayers generating more growth-driven revenue to help us pay down our debt. Instead, you failed to lead, punted the tough decisions and, in doing so, our credit rating was downgraded for the first time in our history. It’s a tragic reality but, on your watch, more and more people have come to believe that America is becoming a deadbeat nation inevitably heading toward a European-style debt crisis.

When you served in the Senate in 2006, you called raising the debt limit “a sign of leadership failure.” Using your own standard, this request will mark your sixth “sign of leadership failure” on the debt ceiling issue alone. Throughout our history, Americans have revered courageous leaders and celebrated them as profiles in courage. Unfortunately, the first three years of your presidency have been a profile in leadership failure. While you may choose to run your reelection campaign against a “Do-Nothing Congress,” your insistence on doing nothing to meaningfully tackle our debt poses a direct threat to America’s exceptional character and is leading us towards a diminished future.

America deserves leaders who will stand front and center, level with the American people about our challenges and offer real solutions to solve them. Instead of simply asking for another debt ceiling increase, I urge you to come forward with a real plan to tackle our debt in 2012.

Sincerely,

Marco Rubio
United States Senator

 

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