The Debt: Still a Problem and Worth Discussing

As an avid news consumer and follower of politics, I continue to see that the debt is not really an issue any longer. Pundits and politicians alike tell us that the deficit – different of course than the debt – is smaller than it has been in quite some time.

Some of this is driven by President Barack Obama laying out a new tax reform proposal (something that we need for sure). Some of it is simply an example of partisan talking points.

I agree that there has been progress (Washington has enacted $2.7 trillion of deficit reduction over the next ten years – and $3.9 trillion if the sequester is maintained and extended beyond 2021), but I also believe there still more that needs to be done in order to deal with the long-term challenges and put the United States on a sustainable fiscal path because some of the deficit reduction that has been enacted has weakened our economy in the short term without taking on the true drivers of our debt over the long term.

What we need is a comprehensive plan to fix our debt – one that addresses entitlements and enacts $2.2 trillion in further deficit reduction (or $1.6 trillion if sequestration is retained) – for the benefit of all businesses, families and Americans generally both now and in the generations to come. This should also include the repeal and replacement of sequestration and comprehensive tax reform, preferably in line with the “blank slate” approach presented by Senators Max Baucus (D-MT) and Orin Hatch (R-UT).

All told, this is an admittedly complex issue, one that requires political leadership to educate the country about why we need to confront these problems and ensure that lawmakers actually agree to a plan. That is why next week – On August 21, 2013 – the Campaign to Fix the Debt is hosting a roundtable discussion with Minnesota small business owners in Minneapolis.   

The event – taking place from 10:30 – 11:30 am (CT) will include small business owners from the campaign’s Minnesota Steering Committee – including former U.S. Congressman and Moderator Tim Penny – as well as other groups and individuals representing the small business community in the Twin Cities (to RSVP, individuals can email Peggy Cusack with their name, and organization at cusack@fixthedebt.org). 

Discussions on tap range from health spending to tax reform—with a look at how these issues impact the national debt and the small business community. 

I hope you consider joining and will surely provide a report of the event here, in my blog. This issue is simply too important to ignore and despite what media, the President or Members of Congress say, it is not going away until we take it seriously.