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“Our federal debt is a looming crisis and hard choices are coming,” wrote Jim Martin for the Denver Post in July. “America’s future fiscal outlook is disastrous but forgotten on the campaign trail this year.”
Martin argued that both former President Donald Trump and President Joe Biden are busy on their campaign trails, ignoring this looming crisis that could impact every single American household, and the entire financial future of the U.S. (TAKE A POLL: Do You Support the Idea of a Four-Day Workweek to Enhance Work-Life Balance?)
Citing data such as the $35 trillion (national debt at the time of writing), this represents a 514% increase since the year 2000. The International Monetary Fund said in mid-July that this issue must be “urgently addressed.” Why? Because it makes up more than 33% of the entire world’s debt combined.
What’s Next?!
Here is what Martin pitched as solutions to this problem:
- “Tax reform: Comprehensive tax reform to help increase revenues. A more progressive tax code can help address income inequality
- “Spending cuts: Reducing government spending is another key component. However indiscriminate cuts can harm vulnerable populations and thus hinder economic growth
- “Entitlement reform: Security Medicare and Medicaid are significant drivers of the debt. This could include legislation such as raising the retirement age, adjusting benefits but not cutting them and implementing more cost-saving measures in health care.
- “Promoting economic growth: Promoting robust economic growth is crucial to managing the national debt. But we can never sustain a strong economy driven by over 70% of consumer spending.
- “Political will: Political posturing will not keep the American dream alive. Addressing the national debt will also require a strong political will and bipartisan cooperation. The real dialogue now is to find real solutions. Political posturing will not keep the American dream alive.”
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