Thursday, April 27, 2006

On DeWine's Record of Spending

I am troubled by recent campaign literature in which Senator DeWine stakes his bid for re-nomination on the monies he has brought to the State as it perpetuates the belief that our government has an endless supply of financial resources to be distributed among the populace. It took six years for the national debt to grow from $5 to $6 trillion, two years to increase from $6 to $7 trillion, and only one year to surpass the threshold of $8 trillion.

I encourage you to visit the “Press Release” section of Senator DeWine’s Senatorial website because it shows more than 410 nearly 400 entries (UPDATE: a number of these entries have dropped off since this was originally written - MATT) in the last 50 weeks which boast of the grants flowing into our State from federal coffers. As you look through the listing, ask yourself if it represents the responsibilities our founding fathers envisioned of a central government – and, I think you will agree it does not.

Now consider who is paying this extravagant bill. Mike DeWine is not, and neither are any current taxpayers. The fact is that it has been “charged” to your account, your children’s account, and your children’s children’s account. For the foreseeable future, Americans will be making interest only payments while leaving the principal amount for some future generation to pay.

Today, interest payments on the national debt total more than $26 billion per month, and represent the third largest expenditure in the federal budget – soon to be number two. China owns $448 billion of this debt and its benefit in our economy is growing at an annual rate of more than 15% per year. That means American taxpayers are making interest only payments to the Communist government to the tune of $2.5 to $3 billion per month – and it is growing. Also note that China’s military budget is also growing at a rate of 15% per year.

The legacy we are leaving for future generations is a legacy of extravagance. It will be necessary, and possible, to explain to future generations that the War on Terrorism and Homeland Security required great financial resources. On the other hand, it will be quite difficult to explain to them that the debt burden they carry was created to build two “bridges to nowhere” in Alaska, to assist families in the purchase of digital converter boxes for better TV reception, to keep the price of milk constant, and the myriad of other items which fall under the category of wasteful spending. Congressional spending far removed from the Constitutional requirement of “common Defense and general Welfare of the United States.”

The culture of extravagant spending must cease; and simple, every day business practices of balancing expenses to revenues must become the norm. Businesses and our own personal family budgets require it and government should be no different. But it is not going to happen until “we the people …” demand it to happen, and that is only going to be accomplished when Americans let their voices be heard at the voting booth.

It is for that reason I ask that you support my candidacy to the U.S. Senate. I would welcome the opportunity to join a threesome of first term maverick Senators – Coburn (OK), DeMint (SC), and Ensign (NV) – all of whom are entrepreneurs and small business owners, and have pushed back against the “old guard” with the belief that our Nation’s business must be conducted differently for a prosperous and secure future. They have stopped “pork” from being added to Katrina relief funds, changed Senate rules to highlight “pork” buried in legislation, and have challenged the Senate leadership to end the culture of extravagant spending. My added voice and efforts will certainly energize the much needed change.

William G. Pierce, P.E.

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