[R76] Rep. McNamara: Own your American Dream - Financial Security for Future Generations (10/16/2012)

Tuesday, October 16, 2012

Start Date: 10/16/2012 Start Time: 12:00 AM
End Date: 10/16/2012 End Time: 11:59 PM
Own your American Dream
Financial Security for Future Generations
At any level, for a government to function and operate in a highly effective manner, it must live within its means. Running a deficit that totals the entirety of what you produce is not sustainable, which is exactly the course our federal government is on as our gross debt is now 100 percent of our nation’s GDP. 

The US is on a troubling fiscal course as our national debt is continuing to increase over $16 trillion. To put that in perspective, every citizen – man, woman and child – would have to pay over $50,000 to cover our nation’s debt. Last year, Standards and Poor’s downgraded the nation’s credit rating; a first in the nation’s history. The US is taking on too much debt, which affects every aspect of our lives, even basic needs like employment, housing and food. Small businesses cannot accurately forecast their costs because of the high level of economic and financial uncertainty. 
In Indiana, our fiscal picture is much different.

The Hoosier state is one of only nine states with a triple-A credit rating from all three major credit ratings, allowing state entities, local governments and schools to borrow money for less – saving taxpayers millions of dollars in interest payments. Under Republican leadership, our state has reversed a $578 million structural deficit (FY 2004) to a $426 million surplus (FY 2013). Due to responsible budgeting and governance, Hoosier taxpayers will receive the first ever taxpayer refund when they file their 2012 income taxes in the spring of 2013.

Hoosiers understand the importance of paying for what you borrow and living within your means. Our state government embodies these Hoosier principles.

As one of the three main focuses of the 2013 House Republican agenda, fiscal integrity will set the stage for economic prosperity and education opportunities. We will continue to look at ways to make government more effective and efficient. Since 2011, the General Assembly has eliminated more than 40 government boards and commissions and more than 400 government appointments. We are focused on growing the private sector, not the size of government.

To attract more jobs to our state, it is imperative to be fiscally conscious. The federal government need not look further than Indiana in conjuring a model for economic expansion and growth, in that less bureaucracy leads to more jobs and more taxes are not needed to reduce debt. Being a good steward of Hoosiers’ hard-earned tax dollars is of the highest importance and is a privilege that takes thoughtful consideration in providing the necessary tools and services for economic prosperity.


Guest column is published in the Posey County News.