Deficits, ObamaCare, quantitative easing will degrade Americans’ standard of living

This election I've felt it increasingly important to speak out about what's happening in Washington. My reason is plain and simple: I'm deeply concerned about the major, permanent damage being done to America and to Las Vegas. Without a change in political leadership, the future for our nation and our community is grim.

The recent massive increase in the federal debt, now rising about
$4 billion each day, is destroying the value of the paychecks of union workers and management personnel alike and hurting senior citizens in their fragile situation dependent upon Social Security and savings. The trillions of dollars added to the debt through the federal government's annual budget deficits make life especially uncertain for the 125,000 Nevadans who, sadly, now must depend upon unemployment checks to provide for their families. In short: Every American's standard of living is being dragged down by the current administration's uncontrolled spending.

It is not just the drag this massive spending binge has created on our economy that alarms me. I am also deeply concerned that Nevada's children and grandchildren will be paying for the mistakes of the past four years well into the future. Miscalculations such as the Federal Reserve's quantitative easing program - a virtual Ponzi scheme where our government prints money by buying its own debt - helped bring on a historic reduction in our country's credit rating, thereby raising our government's borrowing costs and causing the financial markets to worry Washington is spending money our country does not have.

We may escape the full impact of these actions, but our children won't. They'll pay higher taxes, experience less prosperity and enjoy fewer opportunities than older generations.

In a town like Las Vegas, companies and unions strive to offer generous health benefits to employees. These benefits are one reason Las Vegas has been a magnet for talented and skilled workers. Because of the steep cost increases brought about by ObamaCare, the premiums paid by workers will necessarily grow, as unions and local businesses struggle to deal with ObamaCare's crippling costs and expensive mandates.

Reps. Nancy Pelosi, Shelley Berkley and Dina Titus provided three of the seven votes necessary to pass ObamaCare in the House of Representatives. They passed the bill without understanding all of the legislation's costs and impacts. They passed it so they could "find out" what was in it. In doing so, they have made workers in Las Vegas guinea pigs for their social experiment.

Anyone who takes a few minutes to reflect on how much less their paycheck, or Social Security check, or unemployment check is buying will come to this frightening conclusion: Some politicians are lowering our standard of living at a frightening pace.

In an election year, these politicians love to tell us what they're giving us. These are like little bribes. They bribe the electorate with promises of new spending and new programs to cover up what they are actually robbing from us: the future quality of life for our families, our community and our children. And it's our money - and our credit - they are using for their out-of-control spending.

It's time to stop the reckless spending in Washington and time for the American people to demand our leaders put our nation's fiscal house in order.

Steve Wynn is chairman and chief executive officer of Wynn Resorts Ltd.