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| Obama's budget adds up to more burdens for Michigan |
| 2009-03-27 |
| Here's the $9.3 trillion question for Michiganders: "How would you and your family survive if Michigan were to lose another 121,000 jobs and gas prices go up 141% and electricity costs rise 177%? Is your family ready for that additional economic blow?" I suspect the answer is a resounding "no." The economy has already taken a toll on every Michigan family. We all have one or more relatives who were forced move to another state to find work; or we know someone struggling to pay their mortgage or car loan; or we have seen new college grads take their degree to a better job climate in some other state. Nothing would make us happier than to hear that Washington DC is poised to solve what ails our economy. Unfortunately, President Barack Obama new budget is loaded with additional job-killing programs and spending. For Michigan, it will be just one more kick in the gut. The President's budget calls for the creation of a "cap and trade" program that would actually cap and tax carbon dioxide emissions, resulting in the death of manufacturing jobs across the country. Some have said the "cap and trade" plan to trade emissions on Wall Street will "sink Michigan." According to the National Association of Manufacturers, cap and tax could cost Michigan as many as 121,000 jobs by 2030, increase the price of gasoline as much as 141% and electricity by 177% . Such a plan might make great theory in an Ivy League classroom, but in the real world it would wreak devastation on millions of Americans who manufacture things like cars and car parts and furniture and millions of other things that create jobs and impact our way of life. The non-partisan Congressional Budget Office estimates that President Obama's budget will force the U.S. to borrow $9.3 trillion. That equates to more than $120,000 per family of four, or 14 years worth of groceries for the average family of four. Where would we borrow that money (because we don't have the cash ourselves)? The U.S. would have to sell bonds, or issue IOUs, to nations like China and Saudi Arabia, effectively sentencing future generations to debtor's prison. In fact, recently Secretary of State Hillary Clinton traveled to China to make the case for the Communist government to continue buying U.S. debt. Without question, President Bush, and Republicans and Democrats in Congress spend too much money. Congress has committed more of Americans' tax dollars in the past year than the equivalent cost of all of America's wars throughout the nation's history combined. What does all this borrowing by the federal government mean for Michigan ? Many experts believe it will lead to a "crowding out" of the credit market, meaning families and small businesses likely will have an even harder time getting a loan to buy a new home or car, start a new small business or get a student loan. Experts tell us the unprecedented level of borrowing will increase inflation, making our savings worth less and making everything from bread and milk to a new home more expensive. Finally, President Obama's budget calls for the largest tax increase in American history in 2011. In an effort to tax the "rich," the tax increase would hit as many small businesses as individuals. Yet as much as 80% of new jobs are created by America's small businesses, who are already struggling to remain competitive and keep their employees working. Although there are certainly things to like in the President's budget for Michigan, like extended unemployment benefits or funding for advanced battery research, Michigan cannot afford the weight of the job-killing "cap and trade" program, or the massive increase in borrowing and small business tax increases. I believe Congress and President Obama need a more common sense approach. Higher energy prices, unsustainable borrowing and punishing small business owners and working families are not the solutions Michigan or other states desperately need to turn our economy around. Mike Rogers is a U.S. Congressman representing Michigan's 8th. Write him here. |
| Posted by:Fred |
| #3 The future OWG-NWO "Great Lakes" FREE TRADE ZONE, etc. + PAN-NAU strategic Nodal point. |
| Posted by: JosephMendiola 2009-03-27 22:33 |
| #2 Michiganders will probably support these additional burdens. They voted Granholm in twice. |
| Posted by: Anguper Hupomosing9418 2009-03-27 02:00 |
| #1 Michigan is a basket case of policy, next to rep ellis who shall surely turn his state into a glob of moslem BS and spending that also chases out everyone. Next thing you know, they sit in the congress building over an empty state. You voted for it. |
| Posted by: newc 2009-03-27 01:19 |