Democrats’ Debt-Driven Policies Continue Down the Road to Fiscal Ruin

April 27, 2011

FYI, a similar version of this release below went out to the following districts: Jason Altmire (PA-04), John Barrow (GA-12), Sanford Bishop (GA-02), Tim Bishop (NY-01), Dan Boren (OK-02), Leonard Boswell (IA-03), Bruce Braley (IA-01), Dennis Cardoza (CA-18), Russ Carnahan (MO-03), Ben Chandler (KY-06), Gerry Connolly (VA-11), Jim Cooper (TN-05), Jim Costa (CA-20), Mark Critz (PA-12), Henry Cuellar (TX-28), Peter DeFazio (OR-04), Joe Donnelly (IN-02), Raul Grijalva (AZ-07), Martin Heinrich (NM-01), Brian Higgins (NY-27), Jim Himes (CT-04), Ruben Hinojosa (TX-15), Tim Holden (PA-17), Rush Holt (NJ-12), Jay Inslee (WA-01), Steve Israel (NY-02), Bill Keating (MA-10), Dale Kildee (MI-05), Ron Kind (WI-03), Larry Kissell (NC-08), Rick Larsen (WA-02), David Loebsack (IA-02), Jim Matheson (UT-02), Carolyn McCarthy (NY-04), Mike McIntyre (NC-07), Jerry McNerney (CA-11), Michael Michaud (ME-02), Brad Miller (NC-13), Bill Owens (NY-23), Frank Pallone (NJ-06), Ed Perlmutter (CO-07), Gary Peters (MI-09), Collin Peterson (MN-07), Chellie Pingree (ME-01), David Price (NC-04), Nick Rahall (WV-03), Mike Ross (AR-04), Loretta Sanchez (CA-47), Kurt Schrader (OR-05), Heath Shuler (NC-11), Adam Smith (WA-09), Betty Sutton (OH-13), John Tierney (MA-06), Niki Tsongas (MA-05), Pete Visclosky (IN-01), Tim Walz (MN-01), Anthony Weiner (NY-09), David Wu (OR-01), John Yarmuth (KY-03)
DeFazio’s Democrat Debt-Driven Policies Continue Down the Road to Fiscal Ruin
American People and Experts Believe Oregon Democrat’s Policies Are Making the Problem Worse

Washington — Peter DeFazio was dealt another blow this week as economic studies outlined the dire consequences of his failure to address the spending-driven debt crisis he presided over, and polls showed the public strongly disapproving of his fiscal policies. Despite all this, DeFazio continues to tout bloated budget plans, more job-destroying taxes and plenty of Washington fuzzy math instead of changing his big-spending ways and getting serious about fiscal reform.

“It is shocking that Peter DeFazio would pile on more interest and debt on families throughout Oregon just so he could continue his government spending spree with money borrowed from countries like China,” said NRCC Communications Director Paul Lindsay. “DeFazio’s wrong-headed priorities demonstrate just how out-of-touch he is and these new polls show Americans instead want meaningful deficit reduction that will get our nation’s finances back on track.”

A new Bloomberg Government study showed that the most likely outcomes for inaction on the deficit will either lead to a debt crisis or rapid inflation:

“Short of default, a bout of inflation similar to that of the 1970s may be the only way for the U.S. to reduce its debt burden if lawmakers fail to pass deficit-reduction measures, according to a Bloomberg Government Study released today.

“The study projects the debt would fall to 61.8 percent of gross domestic product in 2020 under a scenario that repeated the 1970s, when consumer prices climbed 8.1 percent a year on average. A return of the 1980s, 1990s or 2000s would result in debt levels anywhere from 96.4 percent to 102.4 percent of GDP.” (Steve Matthews, “Inflation 1970s-Style May Be What Cuts U.S. Debt, Study Finds,” Bloomberg, 4/21/11)

A new USA Today/Gallup poll shows Americans overwhelmingly recognize that the Democrats’ approach is not workable:

“Nearly three-fourths of those surveyed, 71%, worry that the Democrats’ plan ‘won’t go far enough to fix the problem’; 62% fear they might use the deficit as an excuse to raise taxes.”

“Republicans hold a 12-percentage-point edge over Democrats as the party better able to handle the budget, and a 5-point edge on the economy in general.” (Susan Page, “GOP’s gamble on the budget pays off, so far,” USA Today, 4/26/11)
 

These new studies confirm what Americans already know, which is that Peter DeFazio cannot continue to spend and borrow in order to protect his spending spree without serious economic consequences. Will DeFazio finally listen and stop the very same fiscal mismanagement that created this crisis?

Americans and Experts Agree – Dem Policies Continue Down the Road to Fiscal Ruin http://ow.ly/4I9kB #MadeinWDC

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