President Obama’s budget proposal adds to the current debate on how to restore our country’s fiscal health. While it is far from perfect, the president's plan reflects a serious and thoughtful approach to dealing with our deficit today while maintaining our nation’s competitiveness in the future. Like all Americans, Latinos are concerned with our swelling deficit and looking to lawmakers for real solutions that will prevent our nation’s children from shouldering our debt.
Projections of rising debt and ongoing deficits make this an urgent issue for all Americans. Latinos, who are among the communities most affected by the current economic downturn, also share the president’s interest in maintaining America’s competitive edge and view the federal government’s investments in workers and children as vital elements to achieving that important goal. Though the president’s budget includes critical measures that reduce the deficit and should be part of a comprehensive policy, it does not adequately address the main causes of today’s debt, such as our tax policies and Medicare costs.
While the plan includes increased funding in many areas that are important to Latinos—such as strong support for workers’ rights and increased funding for programs that promote citizenship—it cuts deeply into others. The effective elimination of programs that support student success, including the William F. Goodling Even Start Program, and the lack of substantial funding for academic programs that serve English language learners is a step backward.
In addition to these priorities, lawmakers must continue to invest in foreclosure prevention programs. The bust in the housing bubble is what got us into this financial mess —and yet weak investments in this area would undo our progress toward recovery in the housing sector. Rescue scams remain rampant, particularly among communities of color. More than one million Latino homeowners are at risk of losing their homes or have already lost them to foreclosure. More funding will allow housing counseling programs to continue helping families prevent foreclosure, obtain rentals, and establish financial security that contributes to a successful recovery.
The president’s budget blueprint is a better approach than what was under discussion in the House of Representatives this week. For one, the president’s plan recognizes that while we must balance our budget, we must also invest in making our country stronger and more globally competitive. In contrast, the approach being considered in the House fails to demonstrate a strategy for achieving serious deficit reduction, presents no rationale for specific budget cuts, and risks weakening American competitiveness. President Obama’s plan is a good starting point for Congress, and NCLR looks forward to working with lawmakers to develop a federal budget that ensures a stable future for our country.