Is America's future threatened by wild spending? | BrainerdDispatch.com | Brainerd, Minnesota

Is America's future threatened by wild spending?

Posted: May 7, 2012 - 5:17pm

A United States senator has posed the question that’s on the minds of millions of Americans: Has the Obama administration’s “hope and change” spending put America’s fiscal future in jeopardy? Sen. John Thune of South Dakota said, “Three years ago, President Obama ran a campaign based on the promise of “hope and change,” but for millions of Americans – from the middle class to recent college graduates – President Obama’s policies have not brought the kind of change they were promised.

The policies the president has implemented since his inauguration have weakened our economy and reduced opportunity. Even worse, his original bad policies are now begetting more bad policies, as is evident in the debate over student loan interest rates.” Thune made the statements in an op-ed piece for Fox News.

Congress is being forced into a corner and must decide whether it’s prudent to allOW student loan rates to double, or cut spending elsewhere in the nation’s budget to allow rates to remain at their present rate of 3.4 percent.

Why are we in this mess during an election year? “Instead of extending the reduced student loan rate, however, the president and congressional Democrats took $9 billion from student aid and used it to pay for parts of ObamaCare,” said Thune.

Where that leaves the U.S. is we double student loan rates or steal the money from ObamaCare to allow politicians to play with our tax dollars until after the November elections.

Let’s face it, we can’t afford ObamaCare, a new entitlement, and students can’t afford a doubling of the interest they pay on government college loans in a job environment that sports a high unemployment rate.

Thune’s right, we have to take an honest look at our nation’s financial situation and admit we can’t afford massive new programs that bleed our economy of billions.

—Keith Hansen