FACING OUR DEBTS & DEFICITS
Americans want a limited government that lives within its means while assisting those truly in need. Unfortunately, our current system continues to spend more than it takes in, heaping trillions of dollars of debt onto future generations of Americans. We must rein in our spending and tackle our debt in order to leave future generations a strong and secure country.
Republican and Democratic leaders alike are failing our children and grandchildren by refusing to address our spending. Top military commanders regularly tell Congress that our long-term debt, not North Korea or Russia, remains the biggest threat to our national security.
Solving our debt and deficit crisis means tackling the largest drivers of debt, including mandatory spending programs like Social Security and Medicare. I do not support making changes to these programs for individuals at or near retirement age, however, for future retirees, I support making the changes needed to ensure these programs remain solvent for decades to come. Under the current system, Social Security is projected to be insolvent by 2035 and Medicare’s hospital insurance fund is projected to be depleted by 2026, meaning more of the cost of hospital and nursing home care would fall to the patient. Failing to reform and strengthen these programs for future generations will lead to reduced benefits and quality of care for all Americans during their retirement.
In Congress, I have voted against several wasteful spending bills, voted to create a Balanced Budget Amendment, and have authored legislation to rein in mandatory spending and inject some much-needed fiscal accountability into these programs.
The Congressional Budget Office (CBO) estimates spending on already expensive government healthcare programs will more than double over the next 75 years. Federal debt held by the public is already 78% of our country’ s economic output, a ratio higher than at any point in our history since World War II. In less than a generation, that debt will eclipse the total size of our economy, reaching 144% by 2049.
Just like American families balancing their budgets, the federal government must learn to live within its means to ensure we have the resources needed to move our country forward and care for our most vulnerable. I will continue to work for fiscal reform and to bring about the government that Americans want and deserve.