Alexandria, VA. – Last night was President Obama’s fourth State of The Union address. Our Generation listened intently as the President talked more about his spending and taxation plans for the years to come.
Prior to the speech, The Hill newspaper gave the American public a preview of what was expected, “President Obama will use his State of the Union speech Tuesday to turn public opinion against automatic spending cuts and argue that some of the money to replace the cuts should instead come from higher taxes. He will use the prime-time TV address to argue the economy would be damaged if $85 billion in automatic spending cuts were to go ahead on schedule on March 1 . . .”
President Obama was true to his words and used the speech to rally against the automatic spending cuts slated to occur next month, and asked for more revenue, with additional spending.
Our Generation Executive Director MacMillin Slobodien commented, “President Obama’s spending plan is precisely what not to do considering that the nation is $16.5 trillion in debt and the budget deficit this year will eclipse the $800 billion mark. A bold, no-nonsense, across-the-board federal cut in spending is the only realistic and fair plan to stop politicians’ reckless spending and effectively eliminate the huge budget deficits that are bankrupting our country.”
In a poll that Our Generation sent to millions of seniors nationwide, 85 percent responded that having a federal budget deficit is serious problem facing our country. Responsible management of our limited resources is necessary to help put our country back on a path toward economic prosperity.
President Obama also addressed the need for some spending controls on entitlement programs. The first place the President should look is putting some cost controls on Social Security Disability Insurance (SSDI). In 2012, Our Generation released a report which offered some moderate reforms to SSDI that if implemented, could save roughly $50 billion annually by 2030, enough to erase around 11% of the total Social Security long-term total deficit.
Our Generation, advocates for policies that make sure that American’s finances are managed responsibly. Our Generation, is a nonprofit, nonpartisan advocacy organization founded in 2009 to research, educate and promote free-market solutions to today’s public policy concerns.