Tell the Candidates: America is Going Broke!
The Democratic and Republican nominating conventions are fast approaching, and both candidates will be talking about pressing issues for all Americans, including energy policy, national security, and the economy. What's likely to be missing from their remarks, however, is the most significant long-term threat to the country's future: the issue of our real national debt -- $53 trillion in financial obligations.
Based on our current liabilities and unfunded promises of Social Security and Medicare, taxes would have to more than double over the next few decades in order for the government to pay its bills and deliver on its commitments. Worse still, the programs on which Americans depend would become woefully underfunded.
What kind of example does that set for many Americans who struggle to save even a small amount? Join the nation's former Comptroller General Dave Walker and ask the presidential candidates to wake up to the coming fiscal crisis and address the issue plainly to the American people. Our country needs leadership on this issue.
I am alarmed by the $53 trillion in current liabilities and unfunded promises that make up our real national debt.
Government expenses are outpacing overall economic and income growth and, absent dramatic and fundamental reforms, eventually could bankrupt the country. Based on current liabilities, plus entitlement and other spending, taxes would have to more than double over the next few decades in order for the government to pay its bills and deliver on its promises. Worse still, the programs Americans depend on could become woefully underfunded - programs like education, environmental protection, national security, and others. What kind of example does that set for many Americans who struggle to save even a small amount?
Social Security and Medicare are both very important, and it is because of their importance that I urge you to address this looming crisis. If these programs and others are to remain strong, we need to find a way to pay for all of them. This is a monumental task and one-sided solutions will be inadequate. That's why real leadership will be required, and I urge you to please step forward and provide that leadership.
