July 23, 2015

TOM COBURN: A Deficit Of Debt Discussion.

America’s cumulative borrowing is rapidly approaching $20 trillion, while the federal government’s unfunded liabilities (future expenditures minus future tax revenue) now exceed a whopping $127 trillion — better than $1.1 million per taxpayer.

That’s not merely unsustainable; it’s suicidal.

Following a similarly risky path, Greece has now defaulted on its obligations, sending a shock wave through financial markets around the world. This was a crisis that could have been avoided through sound fiscal policy, but the Greek government has for years lacked the political will to do what it takes to secure that nation’s financial health. The nightly news showcases the unfolding Greek tragedy as though it were another TV reality show. A country on the verge of collapse, full steam ahead on a similar trajectory as the American economy — and journalists are largely silent.

Closer to home, Puerto Rico teeters on the edge of financial ruin and risks enormous damage to municipal bond funds and other instruments relied on by millions of Americans to help protect their long-term financial security.

Let’s be clear: The United States must end the cycle of endless and unsustainable debt that we’ve seen elsewhere around the world, or it will face the same fate as other nations before us.

Doing nothing to improve Social Security’s solvency will only result in an empty trust fund and risks to future benefits for everyone. The same is true of every other budget-busting program in our bloated federal budget.

With these facts in mind, I must ask those running for the White House to lead America as our next president, particularly those in my party: What is your plan to deal with this? To the news media, why are you not asking our future leaders this question?

No one in the political class — and this very much includes those bylined operatives in the press — wants to shut down the gravy train, regardless of consequences.

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