“A national debt if it is not excessive,” Alexander Hamilton advised, “will be to us a national blessing.”
Today, Hamilton must be turning over in his grave. Congress is moving forward with an economic stimulus plan that will swell this fiscal year’s deficit to roughly $2 trillion, or an astounding 13 percent of GDP. Adjust those dollars for inflation, and even our nation’s earliest and most iconic proponent of a national debt would cringe at the danger we are creating for our economy and for future generations.
As it hammers out the final details of the stimulus bill, Congress should pay more than lip service to Hamilton’s words. We must reconcile the nation’s need for quick action with the need for prudent policies designed to spur sustainable job creation here in America. That means not only tax relief for working families but in particular for the small businesses, entrepreneurs and self-employed that create well over half of the jobs in our country. Given the choice, Americans would prefer a permanent job in the private sector to temporary work courtesy of the taxpayer dime.
Cantor proposes some specific alternatives to fix the stimulus and actually create new jobs.
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