Economy: End Fatal Attraction

Governor John Kasich is no stranger to cutting taxes and fighting for smaller government. A veteran of the Gingrich Revolution in the U.S. House, as the House Budget Committee chairman he fought for balanced budget and kept the CATO Institute’s Handbook for Congress sitting on his desk.

Governor John Kasich is no stranger to cutting taxes and fighting for smaller government. A veteran of the Gingrich Revolution in the U.S. House, as the House Budget Committee chairman he fought for balanced budget and kept the CATO Institute’s Handbook for Congress sitting on his desk.

Now, in a move that can stop the export of talented college graduates from Ohio, he is proposing the beginning of fiscal policies which could change Ohio’s economic landscape. A reduction in income tax, tripling of the earned income tax credit, and a major increase to personal exemptions will give workers more disposable income and help Ohio families prosper.

But in the bigger picture, Ohio cannot realize its full potential until the bloated Federal government gets it act together. With the national debt soaring above $17.6 trillion dollars, that will soon constitute 100% of our country’s GDP, which has been a recipe for disaster in any country that has tried it. Right now, when every child is born, they are handed a $60k bill to pay for our failure to balance the budget. We are currently borrowing roughly 40 cents of every dollar we spend.

President Barack Obama, with his unconstitutional efforts to take over your health care decisions and his expansion of the welfare state, has expanded government to a size that was once unthinkable.

Thankfully, if we take a lesson from our founders, there is a solution. By using the process to amend the Constitution, a Balanced Budget Amendment would get government back to its historic, pre-Obama spending levels.

In 2011, the Balanced Budget Amendment was promoted by conservative leaders through the “Cap, Cut, and Balance” campaign, but it missed the 2/3rds vote requirement by a mere 23 votes. It received bipartisan support, with nearly unanimous “yes” votes from Republicans and 25 votes from corgaouse Democrats.

Thankfully, after it failed, all was not lost. The effort, which was criticized by the political establishment and liberals in the mainstream media, forced Obama’s hand to reluctantly accept the terms of the sequester, which paved the way for the biggest spending cuts since President Dwight D. Eisenhower.

But now, with Obama entering his lame-duck years, it is time to revisit this important proposal. Some provisions of the bill included a cut in the total amount of federal government spending, a cap on the level of future spending as a percentage of GDP, and, on the condition that Congress pass a balanced budget amendment, an increase in the national debt ceiling to allow the federal government to continue to service its debts.

Most importantly, the Amendment must also limit Congress’ ability to raise taxes. Otherwise, the amendment would end up being an excuse for tax increases! Therefore, after passage, a 2/3rds supermajority would be required to ever grow spending beyond that limit. With so many conservatives in the House, this would be a nearly impossible feat.

The time to cap, cut, and balance Federal spending is now. The working people of Ohio deserve support from their leaders in Washington, D.C.

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