Contrary to the belief of many liberals, government spending is not the cure for society’s ills. In fact, the opposite has shown true.
President Obama’s conviction that increased government spending would revitalize the economy in the wake of the Great Recession led him to pass what he called the “most sweeping economic recovery package in our history.”
More than seven years after his $1.1 trillion stimulus bill, economic growth is the slowest since the Eisenhower administration. Median household income has fallen, and poverty has risen. Workforce participation is at a 30-year low.
Congress has also consistently voted to blow past the spending caps that were agreed upon in 2011’s Budget Control Act and signed into law by the president. In the past three years, lawmakers have gone beyond the limit by $146 billion.
While many major corporations have benefited from record spending levels, the least fortunate have been left struggling, with spending going toward increasing their dependence on government aid. In 2014, the poverty rate was 25 percent higher than it was in 1976. During Obama’s presidency alone, 3.1 million more Americans are living in poverty, and 12.3 million more are receiving food stamps.
Most Americans can see for themselves that more government spending hurts the economy, not the other way around. As the budget deadline approaches, lawmakers need to reduce the size of government to unleash our economy’s true potential, and put an end to the reckless spending that threatens our future.