Authored by Thomas W. Smith via RealClearPolitics,
Over the past sixty years, the United States has grappled with the looming threat of collapse due to an escalating federal budget deficit. Today, that threat is no longer on the horizon – it is here. The annual federal budget deficit has skyrocketed, leaving Americans burdened with an unimaginable amount of debt. In the last two decades alone, the deficit has increased more than sixfold. This year, the interest on the federal debt is projected to reach approximately $1.1 trillion, surpassing even our annual defense budget of $850 billion.
When Republicans seized control of the House of Representatives in 2022, they had a chance to make a difference. However, their decision to revive earmarks through a secret vote before they even took office was a major misstep. By a lopsided vote of 158-2, they resurrected earmarks, which had been abolished under Speaker John Boehner in 2011. Earmarks, also known as “pork-barrel” spending, are special allocations for members’ pet projects.
Following the secret vote, these 158 GOP members ushered in a system that approved 7,500 pork-barrel projects at a cost of $16 billion to taxpayers. Surprisingly, it wasn’t just liberal Democrats engaging in this practice – many prominent Republicans were among the top earmarkers. The House and Senate saw Republicans pushing for earmarks, with some requesting billions of dollars for various projects.
In subsequent years, the trend continued, with Republican senators leading the way in earmarking taxpayer funds for various initiatives. Notable examples include Senator Susan Collins earmarking $870 million for Maine, Senator Lisa Murkowski allocating $851.1 million for Alaska, and Senator Mitch McConnell requesting $640.9 million for Kentucky.
This reckless spending sends a clear message – these GOP members are comfortable with the escalating federal debt. While Democrats have also engaged in earmarking, the decision to bring back earmarks and outspend Democrats was a significant misstep by the GOP.
Times have changed since Speaker Boehner’s tenure in Washington. The rise of Big Data and cloud technology has revolutionized governance and brought unprecedented transparency to government spending. Citizens now have access to detailed information on how their tax dollars are being utilized, exposing waste and inefficiency.
Transparency is key to transforming our government’s culture and holding elected officials accountable.
To combat fiscal irresponsibility and curb the federal debt, President Trump and his administration can take proactive steps. These include eliminating earmarks, cutting expenses, and focusing on eliminating waste, fraud, and duplication within government agencies.
- Call for the immediate elimination of all earmarks and commit to publishing remaining earmarks monthly until they are eradicated.
- Announce a fixed percentage cut in White House expenses to set an example for other government entities.
- Encourage Congress to reduce their office and committee expenses and provide quarterly progress reports to the public.
- Direct every department in the administration to focus on cutting waste, fraud, and duplication, reporting progress quarterly to the public.
The advent of Big Data and cloud technology offers unprecedented tools to combat inefficiency in government spending. Transparency is essential in fostering accountability and driving a culture shift towards fiscal responsibility.
President Trump’s administration has a significant task ahead in addressing the federal debt crisis. However, with a commitment to transparency and fiscal discipline, real change is possible.
Thomas W. Smith is the founder of Prescott Investors, Inc.
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