Spending Cuts and Debt
Our nation is facing an unprecedented level of debt. Both the Congressional Budget Office and the Chairman of the Federal Reserve have said that the debt of the United States is unsustainable. Government spending must stop growing. The government, like every Hoosier household, must be required to balance its checkbook and stop living on a credit card. Every American knows that spending more is not going to solve our debt crisis. Our national debt now stands over $14 trillion and is growing more each day. The interest costs on borrowing will more than quadruple by the end of the decade, reaching $840 billion by 2020. We must get our spending under control and stop kicking the can down the road to future generations.
A fundamental key to economic recovery and success is a purposeful limit on the size and scope of government. The role of government must be clear and non-invasive in order for our great nation to realize its highest potential. As our founding fathers clearly understood, the rights of individuals and private property can only be protected when the intrusive role of government is limited. Government must act to ensure economic opportunity for everyone by protecting individuals from abuse by others as well as abuse by government.
We must also address our nation’s looming entitlement crisis. The latest report from the Social Security and Medicare Trustees showed that both programs have serious cash flow problems. They estimated that the Social Security program’s costs would exceed revenues in 2010 for the first time since the early 1980s, and will permanently exceed tax revenues beginning in 2015. Medicare has been operating with a cash shortfall since 2008. These programs are not sustainable. The longer we wait to address the insolvency of our entitlement programs, the harder it is going to be to find the right solutions.
As a proud father of two children, I am frightened by what the future holds for them and future generations. The outlook for our debt is catastrophic and our our children and grandchildren are going to be left to foot the tab. It is time to cut up the national credit card and have an adult conversation about paying down our debt.