Need strong fiscal action
Our country is headed for major fiscal problems unless strong action is taken now to deal with the federal spending process and priorities.
The federal government needs to live within its means. Even if we start today, it will take a generation of excess funds to pay down our debt. It is going to take more than a balanced budget because we have trillions in debt. As a country, we have to find the courage to deal with the problem.
The solution is going to be painful for everyone and is going to take a paradigm shift. We can’t keep kicking the problem down the road. We can’t just pass another continuing resolution or print more money. The solution cannot be one-sided. Even if we raise taxes to 100 percent on the wealthy, that will not provide enough to deal with the problem.
There are going to be changes to defense spending, to Medicare, to Social Security. We cannot continue to spend the way we have those programs. They are not monetarily sustainable. They will change. The question is are we going to get the courage to make the hard choices now, or are we going to wait until the choices are forced on us?