I Told You So: Economy

When the economic destruction of Greece took place, it was a warning shot across the global bow of every industrialized nation to pay close attention to debt ratios. When I discussed this issue previously on this blog, on Facebook and on one of my videos, there were those who could have never imagined that somehow, these problems taking place thousands of miles away might have a larger impact.

I hate to say it, but I told you.
The news broke today that sure enough, Ireland has been downgraded by top credit rating agency, Moody's. Ireland's credit rating was downgraded from AAA to AA2 because of their national debt and weak economic forecast. Ireland has steadily lost financial strength and countries like Portugal, Ireland, Italy, Greece and Spain all trade together extensively and it's no secret how they borrow from one another extensively so when one card in the house of cards falls, they all are in danger.

Does this sound even remotely familiar?

Our national debt is soaring, our economic forecast isn't much better at this point than that of Ireland and with increased federal regulation, more litigation and higher taxation in the future, our prospects do not look as bright as they could be. It's time to act and we must act now.

I am fully confident in the American people and the American dream. I've lived the American dream and without question, we are made of the right "stuff" to get the job done. We have to take action sooner rather than later and this November, we will have the opportunity to do just that.

It's not lost on anyone that our federal government is leading us down the wrong path. Whether it be intrusive laws or increased regulation, our federal government is spending more than it takes in and it creates a problem for us, for our children and for our grandchildren. But not all is lost just yet - we have to be more careful in who we elect and send to Congress.

We have to reduce our spending immediately. And that means we're going to have to sacrifice where some of our pet projects are concerned. We have to focus spending on things that help business, not hurt business. For example, rather than wasting taxpayer dollars on projects like Obamacare, we need to look at critical infrastructure. Roads and bridges must be a priority so job creators can have a delivery system that is consistent and reliable. And I'm not talking about Ted Steven's little bridge to nowhere either.

We must reduce some of the burdensome regulation on small business as well. We need people in Congress who understand what it means to own a business, to create jobs. Small business is the engine to our success and we need to support small business, not tie their hands. We need to immediately make it legal for small businesses to cross state lines to purchase insurance for their employees.

I am optimistic that by November 2nd, you'll see that we need the triple-threat in Washington to accomplish great things. We need someone with a record of job creation, a record of fiscal conservatism and the strength of character not to bow to the whims of special interest. And I am that triple threat.

If you've had the chance to review my website, DaveWhite2010.com, you know that my record of leadership is very unique and I have to confess, diving into the mess that has become of our federal government isn't exactly my idea of a day at the park with the kids. It's hard work that will require skill, experience and the freedom to make decisions that are based on real world experience and not hyperbole extracted from a consultant's talking points memo.

I'll be following this story very closely and giving you much-needed updates throughout the week.
Thank you.

Dave

Listen to the podcast below...

Dave Talks About Ireland's Moody Rating

What Did Tom Coburn Say?

Today was a Town Hall meeting with United States Senator Tom Coburn and it was an eye-opening experience.  Coburn covered myriad of topics and answered a lot of questions from the audience, including a question from yours truly – which we will discuss in a moment.

Coburn discussed the economy at the beginning and went on to talk about spending as the cause of our problems coupled with excessive taxes.  This is something I have been talking about for years now and as a business owner, I know first-hand how difficult excessive taxation can be to the bottom line.

Responding to a question from the audience concerning what the “Republicans” were going to do when they take back Congress this November to fix some of the problems we’re facing, he said he thought that was a faulty assumption and that he was not so sure the Republicans would have control come next session.  Furthermore, he said that politicians (Republicans and Democrats) make a lot of promises, but when they get to Washington, they forget about those promises and worry about getting reelected. 

Someone asked him about the war and referenced both Afghanistan and Iraq.  Coburn said that they are two separate issues and that it seems the President has said we will be out of Iraq in 2011.  He described Afghanistan as needed linking it to Al Qaeda saying we need to go to the source.  The questioner argued that none of our recent terrorists have been from Afghanistan to which Coburn replied that they might not be “from there” but that they likely trained there and that the leaders are hiding out there.  He pointed out how Afghanistan borders Pakistan and other pivotal terrorist nations. 

When asked about Immigration Coburn stated that “the glue that holds us together is the Rule of Law” (RoL).  He went on to say that when we disregard the RoL, we dismantle the confidence of the RoL.  He clearly stated that in order to control immigration we have to secure the borders (again, something I have argued from the beginning of this campaign), when he was asked if he would support a law similar to Mexico’s immigration law he emphatically said he would.  He felt amnesty was wrong for any reason and that both President Obama and President Bush had failed and refused to secure our borders had allowed the problem to become intensified.  He felt Arizona should be allowed to do what they needed to protect their state and that the federal government needs to enforce the laws it has.  He went on to say that the Balkanization of America should not be allowed to happen and that America is not about a race or an ethnicity – it’s about the RoL.

When speaking of the serious issues facing our nation, specifically the economy he said that the problem is the politicians in DC.  That nearly 70% of those in Congress have never done anything but work in politics and have no real experience.  Going on to say that career politicians are killing our country.  Coburn described how he is a citizen first and a legislator second, that those in DC often have no clue what the real world issues are.  Does this sound familiar?  Coburn described, in these short sentences, the problems that I will repair when elected to Congress.  Most of the candidates for Oklahoma’s 5th District are emblematic of the problems Coburn describes.  There is no question that we have more career politicians than we know what to do with and now, they are trying to paint themselves as “businessmen” but we all know that they can’t fool us with their slick rhetoric.

When speaking about the budget and pay raises in DC he said Congress last had a raise in 2008 but that they should be given NO new raises or cost of living adjustments until they fix the problems and have a balanced budget.  He said that the average government employee’s salary is one and a half times that of the average household income for Oklahomans.

Coburn said that he supports the concept that ONLY those who can vote for you should be able to donate to a campaign (which is what I have done with my campaign and will continue to do).