(CNSNews.com) – If Congress does not pass a plan to drastically cut spending over the next decade, Senator Tom Coburn (R-Okla.) warns that government policies will impose what he called “financial repression” on the American people, where the assets of individuals will diminish in value while “the government creates fiat money” to pay for record spending levels.
Coburn’s own “Back in Black” proposal would save $9 trillion over the next 10 years, including $962.02 billion through reforming tax expenditures.
“In the real world, a tax increase is any government policy that takes away your wealth. Well, that’s exactly what’s getting ready to happen in our country through financial repression. The assets that you have will be diminished in value as the government creates fiat money to pay for our profligate spending,” he told reporters at the Capitol on Monday.
“Tax expenditures are not tax cuts. Tax expenditures are socialism and corporate welfarism. Tax expenditures are increases on anyone who does not receive the benefit or can’t hire a lobbyist or special interest group to manipulate the code for their favor. Politicians love to play the tax code because it benefits the politicians. No conservative should support Washington picking winners and losers through the tax code. Who do we want deciding that? Markets or politicians?”
Coburn said his proposal would also save over $1 trillion by bringing Defense spending back to the level under the Bush administration at the “height” of the Iraq War surge.
“The American people are tired of Washington waiting until the last minute to avoid a crisis when it’s a crisis that Washington itself created. The crisis though is not the debt limit nor its deadline. The Congress’ crisis – the crisis is Congress’ refusal to make hard choices and reduce a debt that has become our nation’s greatest national security threat,” he said.
“Doing nothing is a tax increase, a benefit cut for seniors and the poor and a betrayal of the core values of both parties; 9 trillion dollars is very reasonable – that sounds idiotic to Washington.”
“Think about your own life and the benefits you’ve had and think about those being at least a third lower for anybody that follows you. That’s what we’re talking about happening in our country,” he said.
“So, it’s about will we all give a little? Will we change? Will we fix it so we have an opportunity to get a lot more.”