Image by Caleb Fisher

STOP THE SPENDING

Dear President Trump and Leader McConnell:

 

To ensure the economic health of our citizens and the financial well-being of our nation now and for years and decades to come, we urge that the multi-trillions of dollars of federal government debt spending in the wake of the CoronaVirus come to a stop. There is no limit to worthy causes, but there is a limit to other people’s money.  

 

Congress has already spent more than $2 trillion on CoronaVirus relief packages. The irresponsible Pelosi bill that passed the House a week ago would raise that spending total to $5 trillion, which is on top of the $4.71 trillion that Congress already authorized. We are getting very close to an unthinkable $10,000,000,0000,000 (ten trillion) federal budget, which is more money in one single year than the United States government spent, adjusted for inflation than the nation spent to fight the Revolutionary War, the Civil War, World War I and World War II – combined.  

 

When state and local expenditures are included, government in America would for the first time in the history of the United States more than half of all national income would flow through the government.  In other words, our government sector would be larger in size than all of the output of every business and every private sector worker in America. This is a road to financial ruin. 

 

The inside-the-beltway crowd falsely calls these trillions of dollars a “stimulus” to the economy. But government can only give money to some people, as Nobel-prize winning economist Milton Friedman taught all of us many years ago, by taking money from others. Government spending – and policies such as paying millions of workers more money to stay unemployed than to go back to work, and paying states more money to enable them to stay shut down – is inhibiting the fast recovery we want in jobs and incomes, not stimulating it.  

 

In short, runaway government spending is the new virus afflicting out economy. The best way to supercharge a jobs recovery would be to repeal the payroll tax so that every working American would receive a 7.5% raise in the paycheck immediately, and every small business would see a reduction in their payroll costs of 7.5%. This incentivizes hiring and work. The economy desperately needs more of both of these and less debt spending.

Sincerely,

 

Arthur Laffer, Laffer Associates

Lisa Nelson, Alec

Adam Brandon, FreedomWorks

Alfredo Ortiz, Job Creators Network

Jim DeMint, Conservative Partnership

Casey Mulligan, University of Chicago

Jenny Beth Martin, Tea Party Patriots

Grover Norquist, Americans for Tax Reform

William Bennett, former Reagan cabinet

Brent Bozell, Media Research Center

Stephen Moore, Committee to Unleash Prosperity

Tom Delay, former House Majority Leader

Jerome Corsi, CorsiNation

Charles Copeland, ISI

Andy Puzder, former CEO of CKE Restaurants

Scott Garrett, former member of Congress

Bob McEwen, Center for National Policy

Ed Meese, former Attorney General of the United States

James C. Miller, former Office of Management and Budget

William Walton, Center for National Policy

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