Editorial: Voters must turn screws for action on debt crisis

The nation’s fiscal dilemma has become a crisis because of the lack of urgency among Americans. They either don’t understand the issue or aren’t pushing their representatives to do anything. The debt numbers have many zeroes – amounts too high for many people to comprehend. The ramifications are in the distant future, or so they think.

But business leaders with a huge stake in the future have a firm grasp on reality. The nation can pay now or pay later. If it waits, it could go the way of Greece and other nations teetering on the precipice of collapse.

Taxes raised now are taxes that won’t need to be raised later. Spending that’s cut now is spending that won’t need to be cut later. So why is now better? Because the amount the nation pays in interest on the debt is already grabbing a disturbingly large piece of the budget pie. And if our leaders can’t put forth a serious dietary plan, then ratings agencies like Standard & Poor’s will further devalue the nation’s creditworthiness, and some businesses will seek out a healthier fiscal climate.

That’s why a coalition of former members of Congress and current lobbyists for businesses is trying to educate the public on the facts and the consequences. The hope is that once the lessons sink in, the public will move the issue to the top of its agenda, forcing elected officials to do the same.

Former U.S. Rep. George Nethercutt is a member of this Coalition for a Fiscally Sound America, along with a mix of Republicans and Democrats who once served in Congress. He visited the editorial board to impart the importance of educating the public on the debt and deficit. The sobering details are on the coalition’s website.

He’s right that there is much misinformation on the topic and that it isn’t well understood. In simple terms, the nation spends $38 for every $22 it collects, while carrying an enormous balance on its credit card. A household in that situation is on a certain path to bankruptcy. The nation needs a mix of tax increases and spending cuts – fast.

However, the current focus is on job creation. That’s a serious matter, but the hard truth is that the country probably has to absorb some short-term hits to the economy to head off that trip to bankruptcy. That won’t happen until the public becomes more adamant about fiscal sanity. The good news is there may be some movement in that direction.

A November Gallup Poll noted: “Six in 10 Americans say members of the new bipartisan ‘supercommittee’ mandated to find new ways of reducing the federal budget deficit should compromise, even if the agreement reached is one they personally disagree with. This includes a majority of Republicans, independents, and Democrats.”

Though the supercommittee ultimately defaulted on the issue, at least the poll shows that more people understand its importance. Now, they need to communicate to Congress that addressing the problem has become a condition of employment.

Our “leaders” will follow public sentiment. They know the issue is important; they’re just afraid of getting fired if they act. So get educated on the issue and then show them you’ve got their back.