Thursday, April 28, 2011

McIntyre's debt-driven Democrat policies push U.S. down the road to fiscal ruin!

Verne Strickland Blogmaster 

April 28, 2011 

NC Congressional District 7 GOP Archives:  News


Washington — Mike McIntyre was dealt another blow this week as economic studies outlined the dire consequences of his failure to address the spending-driven debt crisis he presided over, and polls showed the public strongly disapproving of his fiscal policies.

Despite all this, McIntyre continues to tout bloated budget plans, more job-destroying taxes and plenty of Washington fuzzy math instead of changing his big-spending ways and getting serious about fiscal reform.

“It is shocking that Mike McIntyre would pile on more interest and debt on families throughout North Carolina just so he could continue his government spending spree with money borrowed from countries like China,” said NRCC Communications Director Paul Lindsay.

“McIntyre’s wrong-headed priorities demonstrate just how out-of-touch he is and these new polls show Americans instead want meaningful deficit reduction that will get our nation’s finances back on track," Lindsay commented.
A new Bloomberg Government study showed that the most likely outcomes for inaction on the deficit will either lead to a debt crisis or rapid inflation:

“Short of default, a bout of inflation similar to that of the 1970s may be the only way for the U.S. to reduce its debt burden if lawmakers fail to pass deficit-reduction measures, according to a Bloomberg Government Study released today.

“The study projects the debt would fall to 61.8 percent of gross domestic product in 2020 under a scenario that repeated the 1970s, when consumer prices climbed 8.1 percent a year on average. A return of the 1980s, 1990s or 2000s would result in debt levels anywhere from 96.4 percent to 102.4 percent of GDP.” (Steve Matthews, “Inflation 1970s-Style May Be What Cuts U.S. Debt, Study Finds,” Bloomberg, 4/21/11)

A new USA Today/Gallup poll shows Americans overwhelmingly recognize that the Democrats’ approach is not workable:

“Nearly three-fourths of those surveyed, 71%, worry that the Democrats’ plan ‘won’t go far enough to fix the problem’; 62% fear they might use the deficit as an excuse to raise taxes.”

“Republicans hold a 12-percentage-point edge over Democrats as the party better able to handle the budget, and a 5-point edge on the economy in general.” (Susan Page, “GOP’s gamble on the budget pays off, so far,” USA Today, 4/26/11)

These new studies confirm what Americans already know, which is that Mike McIntyre cannot continue to spend and borrow in order to protect his spending spree without serious economic consequences. Will McIntyre finally listen and stop the very same fiscal mismanagement that created this crisis?