“He serves his party best who serves his country best,” – President Rutherford B. Hayes.
As the clock ticks down to the dreaded sequester on Friday, there is no better way for Congressional Republicans to serve both their country and their party than by standing true to this ideal. They cannot give in to the hysteria being manufactured by the White House and Senate Democrats and raise taxes to replace the fiscal discipline that is the foundation of sequestration.
In every way possible Republicans have sought to find common ground to replace the current approach of sequestration with targeted spending cuts that put us on a path to balance the budget over the next 10 years. It has been met with Democratic inflexibility along with campaign-style rallies and daily press events attempting to play to Americans’ worse fears.
But is the sequester as bad for our economy as President Obama and the media have made it out to be? Absolutely not. The act of fiscal discipline puts our economy on a path to stability, ultimately benefiting the American economy.
Larry Kudlow, National Review Online’s economics editor, makes the case that when the government spending share of GDP declines, so does the true tax burden on the economy. As a result, more resources are left in the free-market private sector, which will promote real growth.
It’s an approach that is the exact opposite of what the president and his economic team have pursued since the first day of this administration. And, tragically, the state of our economy and job market shows the results.
The U.S. Treasury tells us that last year the United States under Obama added over $3 billion of debt per day. Add to this our annual $1 trillion deficits, reduced credit rating, 7.9 percent unemployment and sub-par economic growth, and we have a recipe for long-term economic pain.
The president’s response has consistently been to “ask” for more and more of our taxes to pay for it, rather than reduce wasteful or mathematically-unsound spending.
Our fiscal feebleness is the cause for long-term and damaging uncertainty that is preventing business owners from hiring and those with capital from investing.
By taking sound, serious steps to control spending via the sequester and implement fiscal discipline, we can restore a level of certainty to our economy, begin freeing Americans to hire and invest, and get our economy moving forward again.
Fiscal discipline that puts our country on stable footing, grows our economy, and gets Americans working again is a service to our country.
The logic is simple really. And, in the long term, it’s how Congressional Republicans serve their party best in advance of the 2014 elections.
Despite his opposition to the sequester, there is little doubt Obama will receive a large amount of the credit if the economy improves as a result of these spending cuts.
The GOP also stands to reap some rewards.