What: In response to Republican claims that America is “broke, going on bankrupt,” Hoyer replied: “America is not broke. America has extraordinary resources … to get us to a place where we are again a fiscally sound nation, a fiscally balanced nation, and future generations are not at risk.” Why it’s dim: If America isn’t broke, it sure fits the definition well. The federal government has maxed out its credit card at $14.34 trillion in debt, and the projected budget deficit for 2011 is $1.5 trillion. Now Hoyer wants to tap the nation’s “extraordinary resources” with tax increases.
Cure: Stop whistling past the graveyard and start cutting government spending.
