The biggest threat to America today may very well be the national debt. To say it’s a growing problem is beyond understatement. To address the issue, the Colorado Business Roundtable partnered with the Denver Business Journal, Colorado Concern, the Colorado Society of CPAs, and the Economic Club of Colorado to host an important discussion about fixing the debt.
Former Senator Alan Simpson and Maya MacGuineas, president of the Committee for a Responsible Federal Budget, are leading the charge to inform citizens about real solutions. On stage Tuesday morning at Denver’s Museum of Nature and Science, moderator Neil Westergaard, Editor of the Denver Business Journal led the conversation in which a folksy yet determined Senator Simpson, and brilliant MacGuineas kept the crowd engaged.
Senator Simpson emphasized the continued demand for government services provided by tax dollars, explaining just how demanding those expectations are. “For every guy that says what about that 47% of those jerks that don’t pay taxes. I’m tired of that. Well, that’s right. But only 20% of the American people use 80% of the stuff in the tax code, and it costs 1 trillion – 100 billion a year, to service those 180 tax expenditures.”
Maya MacGuineas mentioned a Wall Street Journal article that suggested we are closer to the next recession than we are to the last recession, and explains what it will take to prevent that. “The model of Success here is, look at medium and long term debt, and figure out a way to bring down those debt levels. You don’t, when the economy is weak, go through changes. For the past four years it shouldn’t have been about reducing the deficit. We shouldn’t have made spending cuts or tax increases, that was the wrong time.”
Senator Simpson urges all citizens to look deeper into the financial crisis than what is presented on the news.
MacGuineas suggested three specific steps we all can take to help fix the debt. First, sign up for information and updates from Fix The Debt and Committee for a Responsible Federal Budget. Next, attend your Town Hall meetings and debates! Contact moderators ahead of time to let them know that you want to hear what candidates think about the national debt. Lastly, when your congressional representation and other elected officials speak towards solutions, thank them! We all appreciate hearing gratitude for a job well-done.
Fix the Debt is a biparitisan committee for a responsible federal budget. Go to FixtheDebt.org to learn about more resources and become an educated voter.