You’ve heard of Tax Freedom Day, but what about Debt Day?
Debt Day marks the day the federal government’s spending exceeds its revenues for the fiscal year. This year, the government began spending money it doesn’t have on April 26.
“This is the earliest Debt Day that we have seen since people started recording this and three to four months earlier than in the past couple of years,” says Georgia Rep. Tom Price, chairman of the Republican Study Committee.
He spoke with Greg Corombos of Radio America/WND. The audio of the exchange is embedded here:
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Price responds to critics who question whether a focus on tax relief is the best medicine for our economy – or just a tired old idea that led us into the current mess.
“It is simple economic law. it’s not a tired old idea, it’s the pricinpals of economics. If you allow the American people to keep more of their hard-earned money, then the economy will increase and thrive and in fact, you increase revenue to the federal government.
“So, it may be an idea with which our liberal friends on the left are not familiar, but it’s an idea that’s tried and true and in fact, is part of the fundamental principals of this nation.”
Is President Obama to be believed when he says we need to spend money in areas like health care, energy reform and education in order to save money in the long run?
Despite the Democrat mantra, Price says you can’t spend your way out of these challenges.
“The American people, when they hear that kind of logic, just shake their head and try to clear out their ears and make certain they heard it correctly.
“They know they can’t borrow and spend in their own lives when they don’t have money coming in and nor can a government, it’s no different, again, it’s the law of economics.”
