Colin Powell on Budget & Economy

Secretary of State (Pres. Bush Cabinet)

Too much cut from international affairs budget

"We recognize the gravity of America's fiscal situation and that all programs must contribute their fair share to reducing our nation's debt," five former secretaries wrote in a letter to Congress. "Yet, the International Affairs Budget--only 1.4% of the federal budget--already received deep and disproportionate cuts this year." Former Secretaries Madeleine Albright, Colin Powell, Condoleezza Rice, George Schultz and Henry Kissinger signed the letter. Source: Jamie Crawford in "CNN Security Clearance" , Nov 14, 2011

Government out of free marketplace & it’ll thrive

I am impressed with our nation’s present entrepreneurial vitality. Everything I observe affirms my belief in free enterprise. It creates new wealth, generates new jobs, enables people to live good lives, fuels demand, and triggers fresh enterprise, starting the cycle all over again. Government should not interfere with the demonstrated success of the free marketplace, beyond controls to protect public safety and to prevent distortions of competition by either labor or industry. Source: My American Journey, by Colin Powell, p. 590 , Jan 1, 1995

Cut strategic oil stockpile; end Cold War spending

[The army] had planned to stockpile 110 million barrels of oil so that when World War III broke out, we could still operate. But with only regional wars now likely, we could always find alternative foreign oil supplies. Consequently, we reduced the stockpile by 50% and saved the taxpayer $400 million.

Another cost cutter: the Army wanted a new radio jammer to thwart Soviet commando attacks in NATO’s rear. What attacks? What rear? What Soviets? We cut the request, and $200 million more was saved.

Source: My American Journey, by Colin Powell, p. 536 , Jan 1, 1995

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