US National Debt: Debt Commission Report

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.

Your thoughts?

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  1. Brian on July 14, 2010 at 9:39 am

    Will politicians have the guts to increase taxes and cut programs to pay this off?

  2. Casey Morgan on July 14, 2010 at 4:00 pm

    The government must spend less than it takes in! Why can the politicians not master this simple concept. There is no commission need to uncover this truth.

    The government should not raise any taxes until they reduce spending 10% below what they are taking in and have been applying that 10% to the national debt for at least 2 years.

  3. Travis on July 14, 2010 at 5:35 pm

    Casey for Congress!!
    Income – Outgo = Exactly 0

  4. Travis on July 14, 2010 at 5:38 pm

    Btw…. Might be a good time to push for FairTax or a FlatTax

  5. John X on July 14, 2010 at 7:29 pm

    I agree with Morgan – spend 10% less than the country takes in at current rates. Show fiscal responsibility before forking over extra cash…

  6. Alfred "Fred" Mullings on July 15, 2010 at 5:38 pm

    I believe we need to do both in order to get out this huge mess; raise taxes…and spend less. Our government IS made up of all of us, “We The People”. We all help fix it, or we all fail, doesn’t matter where the blame lies right now.

  7. Randy on July 25, 2010 at 1:42 pm

    The only problem with allowing increased taxes is that we’ve tried that and spending has never decreased. I guess I’m a cynic.

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