President Obama has appointed a national debt commission [National Commision on Fiscal Responsibility and Reform] to determine a plan of action to reduce our annual deficits to 3% of the national economy by 2015. The two leaders of this commission, Republican Alan Simpson and Democrat Erskine Bowles delivered the report. You should take the three minutes to read it HERE.
Statements that stood out to me:
- “This debt is like a cancer,” Bowles said in a sober presentation … “It is truly going to destroy the country from within.”
- Bowles said if the U.S. makes no changes it will be spending $2 trillion by 2020 just for interest on the national debt. “Just think about that: All that money, going somewhere else, to create jobs and opportunity somewhere else,” he said.
- “What we do is not so hard to figure out; it’s the political consequences of doing it that makes it really tough,” he [Bowles] said.
My thoughts …
If it takes tax increases to eliminate this debt, then let my generation be the one that pays for it. As long as I see the national debt declining, a balanced budget, and a future with lower taxes and zero national debt – I’m in.
Bowles said, “It’s the political consequences of doing it that makes it really tough.” If we get enough people on this crusade to accomplish far more than they ever thought possible with their personal finances, there would be no negative consequences for doing the right thing.