Wow! Senator Marco Rubio packed more common sense about the economy into 10 minutes on Face the Nation Sunday than has come out of the White House from the last two presidents, combined.
OK, I’m exaggerating. But not much.
* The problem is NOT the debt limit.
* The real problem is the debt and the lack of a credible plan to deal with the debt.
* Until we have a credible solution to the debt, people will be afraid to invest in the economy.
Far from offering a solution, President Obama has been a big part of the problem:
* Every aspect of American economic life is worse since Obama took office.
* The President has already increased federal spending by 28% since he took office.
* This so-called “crisis” is not a surprise. Why doesn’t the President have a plan?
Senator Rubio explained the vital need for reform. Medicare and Social Security are unsustainable as they are currently structured. We must raise the retirement age for younger Americans and look at other reforms so we can save them.
A credible solution to our debt problem must have two components:
* Budgetary reforms - at least four trillion dollars need to be cut from the budget.
* Pro-growth strategies to grow the economy.
The full "faith and credit" of the United States is in jeopardy if all we do is raise the debt limit.
Increased revenues should come from economic growth, not from increased taxes.
* Taxes kill jobs.
* The government uses increased tax revenue to grow the government, not to decrease the debt.
Job creators are looking for:
* Tax reform - Create a fairer and simpler tax code.
* Regulatory reform - Excessive regulation makes the U.S. an unfriendly place to do business.