by Kerby Anderson
Now that the two political conventions are coming to an end, it is obvious that both major parties and both major candidates want to ignore the looming problem: the national debt. Four years ago, it looked like the Republican Party might get serious about dealing with our indebtedness. Representative Paul Ryan was the vice-presidential nominee who had been promoting a plan to overhaul the nation’s entitlements.
This year, House Speaker Paul Ryan was also the chair of the convention, and we heard almost nothing about a $20 trillion debt. Donald Trump occasionally mentions the national debt. Apparently his only solution for entitlement reform is to cut back on waste, fraud, and abuse. This is the typical line you get from politicians who aren’t very serious about entitlement reform.
You heard even less about the national debt and entitlement reform from the Democrat Party. The constant drumbeat for more government spending and expanding entitlement benefits crowds out any serious discussion about the debt we are putting on the backs of our children and grandchildren.
Let’s be honest. The voters of America allow this to happen. We know that each year we pile more debt upon the already huge debt obligations. The federal deficit each year adds to the growing national debt, and very few voters even try to hold their members of Congress accountable. To see the full extent of our debt click here.
In fact, it has been getting harder to make the case because record revenues make the federal deficits lower than in previous years. Nevertheless, even small annual deficits still grow the national debt. In less than two decades, the nation’s national debt will exceed the GDP of our country. Each year we become more like Greece, but you wouldn’t know that by listening to the political candidates of the major two parties.
Sadly our children and grandchildren face a difficult financial future because the candidates and the voters aren’t addressing a looming financial challenge.