Princeton, August 24, 2010 – Releasing his third positive, issue-based cable television commercial this summer, businessman Scott Sipprelle (NJ-12) chided career politicians in Washington, DC, telling them “It’s time to put that credit card away,” while touching upon his plans to cut reckless spending and rein in out-of-control debt.
"Credit Card” :30 TV Spot
Washington politicians think of us as one giant credit card. They spend, and we get the bill. Help me stop the reckless spending that’s mortgaging our country’s future. My Blueprint for Renewal controls spending, creates jobs and reforms a broken system. Let us return to the principles that made America the land of opportunity. I’m Scott Sipprelle and I approved this message because it’s time to take that credit card away!”
"At $13.3 trillion and counting, our national debt represents $120,000 owed by every single taxpayer and a staggering $43,000 for every man, woman and child in the United States – that is unconscionable and Congress needs to take action to fix it now,” said Sipprelle. “Instead of the typical Washington, DC response of kicking-the-can-down-the-road and saddling future generations with debts they will never be able to repay, my ‘Blueprint for Renewal’ outlines a series of solutions that, if implemented, would save our country from the fate of Greece and other European nations currently drowning in debt.” http://www.supportscott2010.com/2010/02/control-government-spending-and-national-debt/
“America’s balance sheet is on a collision course with disaster, as the cumulative effects of demographics, legislative ineptitude, and financial recklessness by both political parties combine to push America’s creditworthiness to a tipping point, or beyond,” said Sipprelle. “With the national debt now over $13 trillion, the annual interest costs for servicing the debt swallows up nearly 10% of federal revenues. This cost will increase by $500 billion over the next decade, even in the highly unlikely event that annual deficits shrink dramatically. To put this in perspective, $500 billion is greater than the combined annual federal spending on our wars in Iraq and Afghanistan, homeland security, energy, and education.”
Sipprelle said unchecked entitlements were a major driver of the problem, and assailed Washington politicians for not having the courage to deal with them.
“For the first time ever, the unfunded projected costs for Social Security and Medicare exceed household net worth in the United States and combine to consume 57% of federal tax receipts,” said Sipprelle. “The system is crying out for thoughtful, bipartisan reform. Yet, how does my opponent respond to this crisis? By falsely claiming I want to privatize the system in a cynical attempt to hold onto power by scaring senior citizens dependent on Social Security for their retirements. That’s not leadership; its cowardice.”
“In short, our present trends are unsustainable,” said Sipprelle. “If we do not address the enormous and growing gap between our federal spending and our federal revenues, we will one day wake up to the realization that the credit of America, once the world’s gold standard, will have become junk.”
The damage, said Sipprelle, would be catastrophic.
“What follows then is a catastrophic adjustment process that would necessitate dramatic cuts in federal programs, outsized tax increases, and a default on many unfunded future liabilities. The retirement security of our seniors would be destroyed and our children would become de-facto wards of a bankrupt state that drains their earnings to pay for past mistakes,” said Sipprelle. “We cannot allow that to happen.”