I am supporting Joe Miller for the simple reason that neither of the other two candidates is addressing what is clearly the biggest threat to our nation's economic future: the uncontrolled spending in Washington and the exploding debt which is being created for our children to pay interest on forever.
Just two years ago, the total debt accumulated since the time of the Revolution stood at $10 trillion dollars. Just two years later, as of Sept. 30, it stands at $13.6 trillion. That is an increase of more than one-third in just two years and is fast approaching the total value of goods and services produced in this country in a year. This is unsustainable.
This year saw what happens to countries that can't control their spending. Greece was forced by their foreign creditors to slash their social programs including retirement programs. The Greek people rioted in the streets of Athens, but the cuts went through anyway. The biggest threat in this country to programs like Social Security is politicians that can't control their spending. Because so much of our spending is financed by borrowing from overseas, if ever our foreign lenders were to tell us to cut programs like Social Security, like they did in Greece, we would be forced to do so.
The other problem is all this borrowed money diverts investment from the private sector. When we do things like stimulus bills, they are paid for by money diverted from the private sector. Last summer, President Barack Obama was bragging about a $2 billion stimulus project that created 1,500 jobs. That's $1.3 million per job created. And he was bragging about that.
Just to provide perspective, I have a family member who after losing his job went and created his own job on an investment of about $20,000. (By the way, many of his customers earn more than $250,000 and he is concerned that the expiration of the tax cuts at the end of the year will put him back out of business). Sucking money out of the private sector where jobs can be created at $20,000 per job to "stimulate" the economy at the cost $1.3 million per job created is why our economy still isn't creating jobs.
The answer is really simple: get government spending under control and Miller is the only candidate who talking about this and that's why I am supporting him.
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