Brooks: debt not sustainablePublished 2:07pm Tuesday, April 2, 2013
Fifth District U.S. Rep. Mo Brook, R-Huntsville, took 15 minutes to decry what he termed an “unsustainable” national debt and answered questions from the audience on the same subject at a town hall meeting in Priceville Monday night.
Using power point slides to support his case, Brooks said a borrow and spend policy in the federal government has resulted in a record $16-plus trillion national debt, or the equivalent of a debt burden of $55,000 on every man, woman and child in the nation.
“We are moving down a path of financial insolvency similar to what is happening in Greece and other European countries,” Brooks pointed out. “Greece has a 26 percent unemployment rate and the government can no longer borrow money. That’s where we are going to end up if we don’t change our course.”
“The interest on our national debt is estimated to reach $256 billion this fiscal year,” he said. “That’s five times more than what this nation spends on transportation and 13 times more than what it spends to operate NASA in a year.”
Brooks said the only answer to restoring financial responsibility is a balanced budget amendment.
“That’s not asking the federal government to do any more that what municipal, county and state governments are already doing,” he pointed out.
Brooks said the nation’s financial dilemma is not because of a lack of tax revenue.
“Americans are taxed enough,” he stated. “We needs to focus our attention on lowering corporate tax rates and relaxing controls as a means of stimulating economic growth and getting our people back to work.”
In answer to questions from an audience of about 50 people, Brooks said he favors foreign aid cuts, no additional taxes, flat or fair income tax and fewer government controls on business and industry.