(CNSNews.com) – Sen. Tom Harkin (D-Iowa) said on Thursday that U.S. government does not have a spending problem, but America suffers from "a misallocation of wealth."
“I look at it this way,” Harkin said at a Senate Appropriations Committee hearing on the Budget Control Act of 2011 (the law that includes the automatic spending cuts referred to as "sequestration"). “We’re the richest nation in the history of the world. That kind of begs the question doesn’t it? If we’re so rich, why are we so broke?”
“Is it a spending problem? Harkin said. “No, it’s because we have a misallocation of capital, a misallocation of wealth.”
“All of this wealth that’s been built up by hard-working Americans has been accumulated into fewer and fewer and fewer hands all the time,” Harkin said.
Sequestration is a set of automatic spending cuts that target defense and non-defense spending. Originally proposed as part of the Budget Control Act by President Barack Obama, the cuts were designed to try to force Republicans to raise taxes by holding defense spending hostage.
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