Op-Ed: Mounting national debt
Dear Editor:
I was disappointed to see both candidates in the recent presidential debate fail to discuss what was among the most important questions: how they would handle the mounting national debt. With a massive debt that's climbing by more than one trillion dollars a year, we owe an amount roughly equivalent to the entire annual output of our economy (Gross Domestic Product or GDP). Failing to tackle this problem will leave an unconscionable burden for future generations and have serious ramifications for our national security, our economy, and vital safety net programs like Social Security and Medicare. It could even eventually risk the dollar’s status as the world’s reserve currency and all the benefits that come with it.
Unfortunately, given the depth of the hole we’ve dug, balancing the budget is simply not feasible at this time. What must be done is to stop digging faster than we can fill it. This would mean stabilizing the debt as a percentage of GDP, and putting in place reforms that would send it on a downward path going forward. Everything should be on the table and action should be swift, making the difficult choices required more palatable than if we continue to put them off and allowing for more time to phase in these solutions.
Having just celebrated our 248th Independence Day, I believe there is still more that brings us together than what divides us, and the need to address the national debt is a cause to which all Americans can rally.
Sincerely,
M. Aaron Lay, Esq.
Charlotte, NC
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