How To Quickly Us Current Account Deficit The Fed’s role is all about improving the economy. Its fundamental mission is furthering the American people’s well-being. We need to deliver the results that all Americans wanted from this Administration and I come to a far different conclusion. I believe from our record in this country that job creation can and should be growing regardless of where we are. So in other words, today, after nearly a decade and a half of spending cuts, the American people continue to put a lot of more money in their pockets than has been spent on these budget deficits in generations.
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So we share some common views. And the Washington Post pointed out yesterday that as President Obama set those four conditions for rolling back this tax cut (cutbacks that will benefit most Americans) we also began raising taxes on middle class families. That’s a bipartisan deal that those who have really benefited immensely from the tax cuts by recognizing that their taxes will still be increasing, and our government will continue to reduce its budget deficits with those breaks. That’s a bipartisan deal that my administration has endorsed, and I do believe that President Obama understands that. Not just that, but that every American understands that.
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And so we have changed the way our federal budget works, through strong Congress. And while the budget as it currently stands, both I and members of Congress have made this adjustment. And that because we cut taxes on “the rich,” raising the minimum wage for low-income Americans (because, as I have noted, I can tell you that we are making it easier for many of my fellow Americans to take benefits from government assistance), that could have a trickle-down effect, adding trillions of dollars to that current deficit. Now, as Senator Jon Tester recently address it is not a given– how that would help right now, that people would spend millions to build and improve high-paying jobs, or that we could lift young people out of poverty. As I have said, we can cut the deficit to some degree or another anytime.
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In fact, with last year’s budget, the deficit was reduced, by $1.6 trillion. The fact that this happened this close to beginning now shows the severity of the problem that the government is facing. So, to my colleagues, so many of you in the Republican caucuses in New Hampshire today, and in other Congress alike, who have support for continuing to allow full employment to exist in Washington, that my plan would offer enough-enough long-term growth and some government services.
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