FreedomWorks president’s powerful message: Stop reckless government spending to preserve the ‘American dream’
Christopher Tremoglie
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The credit rating downgrade of the United States from Fitch on Aug. 1 sent shockwaves through the economic system. It triggered a sell-off in U.S. stocks and a 1.4% decrease in the S&P 500.
Fitch listed several reasons for its decision, including political turmoil and the “expected fiscal deterioration over the next three years.” It was an ominous sign for the country’s economic future, including President Joe Biden’s highly touted, highly propagandized “Bidenomics.” It was also a wake-up call for politicians on both sides of the aisle to rein in reckless government spending.
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FreedomWorks, the nation’s premier policy advocacy group “dedicated to freedom and small government,” was critical of the downgrade and elaborated on the impact it will have on the country. The organization released a statement on the downgrade and how the government recklessly spends taxpayer money without accountability. Fiscal responsibility is a necessary requirement for the sustainability of the country. Yet today’s politicians seem keen on repeating mistakes that have contributed to the collapse of some of history’s greatest empires and civilizations, notably Rome.
“As Washington continues to burn through American taxpayers’ hard-earned dollars with little to no remorse over our nation’s harrowing $32 trillion debt, this news is to be expected. The downgrade is a sobering acknowledgment that lawmakers from both sides of the aisle are unwilling to address our fiscal state. This is a stark warning to Washington that our country’s financial course must be corrected,” Adam Brandon, FreedomWorks president, said in a press release earlier this month.
But the damage doesn’t have to be irreparable. A prioritization of fiscal responsibility instead of spending the nation into oblivion can alter the nation’s current path of impending financial doom. Limiting needless spending and taking proactive measures to control and reduce the country’s deficit have become necessities instead of merely talking points on political television shows.
“The erosion of our nation’s fiscal management can no longer be ignored,” Brandon said in an exclusive statement to the Washington Examiner. “Although a few fiscal hawks in the U.S. House of Representatives are fighting tooth and nail for budget reform in fiscal year 2024’s appropriations process, every lawmaker in Washington must face the sobering reality that the federal government has an addiction to spending. Time has run out, and they can no longer continue to kick the can down the road.”
Part of the hurdle, however, is the Biden administration. The president’s destructive tidal wave of spending has put the nation in a dire situation. And despite Biden’s repeated claims to the contrary, when he was on the campaign trail and as president, he’s done little to control government spending. His presidency has been a virus that’s threatened the nation’s fiscal health.
“In fiscal year 2022, the federal government spent on more than 80 different welfare programs. President Biden’s proposed budget for this upcoming fiscal year requests over $2.6 trillion in new entitlement program spending,” Brandon said. “If we are to successfully return to a financially secure path, the elephant in the room that neither party wants to acknowledge must be addressed: entitlement spending reform.”
However, if our government continues to make the same mistakes, then financially challenging times are in the nation’s future. Unless Washington changes its destructive habits, any forthcoming problems will be here sooner rather than later. And the continued failure of the Biden administration to change course will directly threaten the once-hallowed promise of the “American dream.”
“If we refuse to address the nation’s dangerous fiscal trajectory, the outlook of the U.S. economy is grim. Businesses will move overseas to more stable economies, causing our markets to lose their competitiveness. People will stop moving here because there will be fewer jobs available,” Brandon predicted.
Objectively, the country would be better off if it listened to Adam Brandon’s advice. Perhaps FreedomWorks can give a tutorial to Congress regarding the core tenets of the fiscal responsibility of a nation.
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“Wages will decline, and Americans will not have the opportunity to get ahead. But the most sobering reality is that the American dream will die,” Brandon said. “The idea that people can come to America for a better life with more freedoms and liberties to do as they please will cease to exist. Do you want that for your children, grandchildren, or great-grandchildren?”
It’s a question that all Americans should be asking. It’s unquestionably the most critical fiscal problem the nation must consider before it elects its next president in November 2024.