I have consistently supported legislation and policies to get the nation’s long-term fiscal house in order by balancing the budget and reforming mandatory programs, so we can eventually pay down our debt.
Budget and Spending
The federal government must cut back on spending so that it can run efficiently and effectively for its citizens. Of the more than $3.7 trillion in annual spending by the federal government, about one third is spent on discretionary programs (those that Congress and the president control on an annual basis). But unless we take on the complicated task of reforming the other two thirds of government designated as mandatory spending (mostly entitlement programs), America will eventually go bankrupt.
The real challenge is that the mandatory side of the budget – including interest on the national debt – is by far the largest category and rapidly growing. Numerous facts, figures and economic analyses have for years warned about the unsustainable growth of mandatory spending. For example, the Congressional Budget Office (CBO) reported that mandatory represented 34 percent of all government spending in 1965; today, that figure has risen dramatically to reflect more than two-thirds of all spending in 2018. By 2028, mandatory is on track to cover at least 77 percent of all spending.
With mandatory spending, it’s not only the rapid rate of its growth, eclipsing discretionary spending, that is alarming. CBO has also projected that the federal trust funds connected to Medicare and Social Security are quickly nearing insolvency and thus will eventually fail to deliver on the benefits promised. On the current path and according to projections by the Congressional Budget Office, Social Security as a whole is expected to become insolvent in 2032 – with the Social Security Disability Insurance Trust Fund unable to pay out full benefits as early as 2028.
Long Term Reforms
Clearly, to make real progress toward tackling our burden of debt, tough decisions and careful solutions are required. But the solutions must include reforms to save and sustain the mandatory programs serving many vulnerable Americans. I believe a good place to start would be passage of legislation I introduced again this Congress, the Bipartisan Social Security Commission Act. The bill calls for a bipartisan and bicameral commission tasked with recommending reforms to ensure Social Security is solvent for at least 75 years. Congress would then be required to vote up or down on the commission’s recommendations within 60 legislative days. This approach worked in 1983 when the solvency of Social Security was extended by 50 years. It can work again if our political leaders will face up to their responsibilities and work in a bipartisan manner.
More on Economy
Certainly, most people recognize the importance of ensuring a competitive and fair wage for hardworking Americans, and I strongly support finding solutions to help job creators in communities across the nation and in Oklahoma do just that. Last week, House Democrats tackled legislation to significantly raise the federally-required minimum wage. Unfortunately, the legislation they proposed and passed in the House is misguided and would cause more harm than good for the very people it aims to help, especially in states like ours.
Regardless of political points of view, most Americans can agree that good stewardship of the earth and its precious resources is important. And I am always encouraged by the special efforts made by individuals, families and communities to do their part today to ensure a fruitful and beautiful world for generations to come.
Ever since our brave forebearers declared America’s independence, the United States has been a beacon of liberty, hope and opportunity. Indeed, America is still regarded the world over as a land where success can be achieved regardless of where you’ve come from. And that is because our forebearers trusted free people, free speech and free markets – all of which continue to undergird the “American dream.”
Following the recently ended fiscal year, it was reported that the federal government’s budget deficit increased significantly compared to the previous year. While this is certainly discouraging news, the existence of a deficit is not surprising or unusual. Critics are of course quick to blame the implementation of tax reform as the chief contributor to the recent deficit. However, the reality is that another factor has for years been driving deficits and as a result, adding to the national debt.