Our Nation was founded on the principle of limited government allowing individuals to strive to achieve based on their values, goals and abilities. Fiscal responsibility was a key value practiced from our Nation's founding. Because of that we ran surpluses during times of peace and prosperity gaving the Nation the ability to run deficits during periods of war or economic turmoil. This pattern held true for the first 181 years of our history.
Following the surplus of 1969, things changed. During a time when Democrats were in firm control of the House of Representatives, we began running deficits in order to support social programs. A Democrat controlled House passed 26 straight budgets which ended in deficits adding $5 trillion to our National Debt. Voters rejected that pattern in 1994, electing Republicans to a majority in the House for the first time in 40 years. Under their leadership we had four successive surpluses (1998-2001) for the first time since the 1920's. Democrats took back control of the House in the 2006 election and have pushed for increased spending and new programs since.
This period of fiscal irresponsibility created a situation where we were unprepared to deal with the deficits resulting from the aftermath of the 911 attacks and our recent economic turmoil. As a result, we will be facing a $14.5 trillion dolar debt by the 2010 elections.
How will voters react in the 2010 elections? Will they return the country to its foundation of fiscal responsibility? Is that possible with the mandatory spending required by our current social programs?
