In every business, you need to create, balance, and manage your budget. As a small business owner for over 50 years, I know the importance of keeping your finances in order so you can prepare for the future.
The government should be no different, especially because the money it spends comes from American taxpayers, who rely upon their lawmakers to be good stewards of their hard-earned tax dollars.
In Congress, budgets force lawmakers to work inside a framework that prioritizes the needs of the nation, and to do so responsibly every fiscal year. Sadly, Congress has in the last few years fallen well short in the budget and appropriations process that has for far too long relied upon a “continuing resolution,” which makes way for temporary funding for essential government spending but pushes off any long-term solutions.
This year, Democrats decided to forgo the budget process altogether and begin working on next year’s spending bills without any guardrails in place to protect the taxpayers’ best interest. The result?
Democrats’ proposals have increased their spending to almost 10% higher than the funding levels for 2021 without any input from Republican lawmakers or any earnest effort to pay for their capital investments.
This increased funding comes at a time when our country is running record high deficits. In July, the national debt increased to over $28 trillion. Small business and families know that running proportional deficits of that magnitude is unsustainable, as the cost of borrowing will inevitably outpace revenue.
The continuous disregard to address our debt from the Democrats will put future generations in a state of financial hardship that’s almost unimaginable. And to top it off, President Biden, Senate Democrats, and Speaker Pelosi are considering another reportedly $4.1 trillion “human infrastructure” bill with money the U.S. government doesn’t have.
As spending and debt increases, inflation is beginning to appear one of our most timely enemies, as the price of goods and services increases to levels not seen in decades. We have seen this with the price of everyday goods, from milk at the grocery store to gas at the pump, costs are going up and the value of the dollar is not.
Last month U.S. inflation reached its highest in 13 years as prices surged 5%, the largest since August of 2008, and economists predict there will be an average annual inflation increase of 2.58%, putting inflation at levels last seen in 1993.
The American people should be alarmed by theses economic trends and the democrats’ attempt to spend more than what is available. As lawmakers prepare to head back to Washington, D.C., to work on funding the government before the fiscal year, the Democrats’ mission to raise taxes, increase wasteful government spending, and threaten the economy, is sadly now being realized and we are about to foot the bill.
Roger Williams of Austin is a U.S. Congressman representing District 25, which includes Johnson County.