The National Debt
One number sums up why I’m still concerned our country’s future: 22 trillion.
America has a crushing $22 trillion national debt that is growing larger every second. If this debt wasn’t enough, we have an additional $100 trillion in future unfunded liabilities for Social Security, Medicaid, and pensions and benefits for federal employees coming like a freight train. Yes, $100 trillion! That’s a $1 million credit card bill for every household in America – about 20 times the average household income.
Because of the growth we’ve seen as a result of our economic agenda, we’ve begun to deal with this crisis. The projected increase of America’s national debt over the next decade has fallen by $3 trillion. However, this debt is still the single greatest threat to our national security. Those aren’t my words. They’re the words of top current and former military leaders.
So what’s our way forward? There is no overnight solution, but there are five interwoven imperatives that can solve this crisis over the long-term:
First, we have to keep growing the economy. Today, the economy is growing at twice the rate it did under Barack Obama. Our agenda is working. We have to keep up the momentum. We must not allow our country to go down the road to socialism.
Second, we have to completely change the way Washington does its business. The budget process used by Congress is totally broken. It’s only worked four times in 44 years. It’s created a never-ending cycle of continuing resolutions, omnibuses, and government shutdowns. This budget process is the root cause of our debt crisis because it allows politicians to avoid tough decisions. Read more about my plan to completely change this broken funding process here.
Third, we have to root out redundant agencies and spending in the federal government.
Fourth, we have to save Social Security and Medicare for future generations before their trust funds go to zero in less than 15 short years.
Fifth, we have to finally get after the real drivers of spiraling health care costs.
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