Earlier today, Sen. Orrin Hatch (R-Utah) did not mince words in a statement about America’s spending crisis:
“With a fragile economy, tax hikes on our job-creators in the name of debt reduction is bad policy, especially since our debt crisis is fueled by unsustainable spending. We’ve seen this before. Back in 1990, a grand deficit reduction plan that included spending cuts and tax increases was passed. Almost as soon as the ink was dry, the spending shot back up and so too did our deficits.
This is why we have to focus on the spending side of the ledger and why it’s imperative that we fix our bankrupt entitlements that are driving our debt. If we want to make sure we never wrack up this level of debt, we have to pass a Balanced Budget Amendment to the constitution. If we don’t then we’ll be right back where we are today with unsustainable levels of debt that no manner of tax hike can ever solve.”
Sen. Hatch has obviously not forgotten the infamous 1990 budget deal, where spending cuts were promised, but never realized. Unfortunately for American families, Washington lawmakers did follow through on their plans to raise taxes (as they always do). In the end, those in favor of smaller government and reduced spending were left out in the cold.
What do you think our lawmakers should do in order to avoid a repeat of the 1990 budget failure?