President Obama’s newly presented federal spending plan is $3.83 trillion, which is a record breaking $1.56 trillion deficit, topping last year’s unprecedented $1.41 trillion gap. The administration is forecasting that deficits over the next decade will add an additional $8.5 trillion to the national debt, even if Congress adopts the administration’s package of proposals to trim future deficits starting in 2011. The deficit is over 11 percent of our total economic output, which is the largest since World War II. In the next decade the deficit is projected to soar even higher with the retirement of millions of baby boomers.

For Mr. Obama and his successors, the effect has to be clear, unless miraculous growth, or miraculous political compromises, creates some unforeseen change over the next decade, there is virtually no room for changes in domestic initiatives. The United States could begin to suffer the same disease that has afflicted Japan over the past decade. As debt grew more rapidly than income, that country’s influence around the world eroded.

China debt

China is the largest holder of U.S. government debt, approximately $800 billion. China’s indignant reaction to the U.S. plans to sell weapons to Taiwan should have our government worried. Although there is little chance of this happening, there have been occasional hints that China may attempt to bankrupt the U.S. by suddenly selling the debt it holds. At this point our interest rates on the debt have been very low; however, that could change, especially if we continue to have deficit spending every year and have challenges paying back our loans. How long can the world’s biggest borrower remain the world’s biggest power?

While I would agree that presidents Bush and Clinton created many of our current issues, it makes no sense to continue the spending and increasing the deficit. Obama preaches that he will make tough decisions to restrain runaway deficits; however, he has fallen short of taking the bold steps needed to meet the fiscal challenges the country is facing. Most Americans have tightened their personal budgets, and we expect the government to tighten its spending. With the continued spending, we will never get our heads above water and leave huge debts to future generations.

As Obama stated, job creation and fixing the economy needs to be the top priority, however, there are several areas in which to reduce government spending. Promises go unmet to eliminate pork barrel spending and earmarks so politicians can get re-elected. Politicians continue to trade votes for bills that contain these earmarks and pork for their congressional district.

A recent example is the millions of dollars Sen. Ben Nelson would have received for his yes vote on the health care bill. How can we continue to elect politicians who don’t make good long-term decisions and their vote is bought?

In recent elections and specifically in Massachusetts where Republican Sen.Scott Brown was chosen in a special election, the public has shown that decisions made by the Obama administration are not the choice of the people. Spending needs to be thoughtful and only for what is necessary to keep our country safe. I would agree that health care needs changes that are affordable, such as opening states borders to competition from other insurance companies.

It would also be nice if we could end partisan politics and have elected officials that just make good decisions that are best for the financial health of our nation. Wasteful spending must stop to reduce our deficit. We can’t let our children and grandchildren be saddled with our debts.

Ken Petersen is a vice co-chairman of the Freeborn County Republican Party.