|
Such an analysis reveals that there have been times
in the nation’s past when the debt-to-GDP ratio was high, such as at
the end of World War II, but the nation summoned the means to
address the problem and the engine of economic growth generated
unrivaled prosperity for an entire generation. If we can summon the
will to address the debt crisis today and find the courage to take
action, we too can witness the kind of economic prosperity that can
produce jobs and help the nation reduce the onerous burden of debt.
Washington, D.C., has been preoccupied with the blame game of
determining what group bears responsibility for exploding the
national debt, but such finger pointing does nothing to alleviate
the problem by working toward solutions. This may be high political
gamesmanship, but it is irresponsible policy; the point of reckoning
has arrived. As responsible citizens we must take ownership that we
are responsible for this debt and we must demand that elected
officials develop a rational approach to reducing the national debt.
This approach must include both spending cuts as well as revenue
enhancements; using only one of these mechanisms while ignoring the
other will not produce the results that we seek.
This work must begin with the U.S. Congress operating on the premise
that a balanced budget is a necessary starting point for addressing
the fiscal woes that we face as a nation. Responsible leadership
must always demand that we spend within our means. Independent
analysis from the CBO can predict with a high degree of accuracy
what revenues the nation can anticipate for the coming year, so the
work of curbing spending must be done to fit the constraints of the
nation’s income. This process may not be pleasant as hard choices
need to be made, but it is absolutely necessary. [to
top of second column] |
National spending priorities must be strategic so
that economic growth and prosperity might result from wise
investments in infrastructure, technology, and education. Creatively
anticipating and planning for future needs almost a generation
before circumstances arrive is vital to ensuring that our economy
maintains a stable growth pattern. Doing so effectively allows us to
fuel the engine of economic development that might well continue for
decades into the future. The danger, if we proceed with a business
as usual mentality, is that spending on congressional pet projects
rather than financing strategic investments would not provide us
with the foundation that is necessary for ever-expanding economic
growth.
We have reached the point of reckoning with respect to the debt
crisis; the status quo is untenable, and the next Congress must make
the hard choices that are necessary to restore fiscal responsibility
to Washington, D.C. The bitter pill for both political parties is
that the solution to this matter will not be found within partisan
talking points, but rather it will be negotiated through reasoned
compromises that may take some a bit outside of their comfort zones,
but are nonetheless necessary for our national wellbeing.
Past related
articles
[Text from file received] |
