Economy
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
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Lawton Constitution - Kim McConnell
Fourth District U.S. Rep. Tom Cole disagrees with constituents who say the most recent legislative session didn’t yield any results.
Cole was in Lawton late last week to meet with constituents, and the Republican congressman said while he agrees that more should have been accomplished, there were successes.
The Atlantic - Nora Kelly
When Americans go to the ballot box, they expect the congressional candidates they support to take their interests to the Hill—to fight for the political issues and programs they prefer with an enthusiasm and dedication that’s deeply personal. That doesn’t always happen. But in the last year or so, members of Congress responded to what one member called a “constituent-driven movement” to rally around the National Institutes of Health and the biomedical research it funds.
Bloomberg - Erik Wasson
A proposal to switch to a two-year fiscal cycle is pitting House appropriators and Budget Committee members against a majority of House members, some of whom who have argued the current annual process is ineffective and wasteful.
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The Oklahoman - Stephen Prescott, M.D.
For the sake of Oklahoma's energy sector, let's hope the New Year brings a bump in oil and gas prices. But even if that doesn't happen, there are still plenty of economic silver linings to be found in the state.
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Making cancer history
Since this spring, lawmakers have been hard at work sharing ideas and crafting legislation to responsibly fund the government. In the House of Representatives, the process of fulfilling this critical function of government started with hearings and discussions in the 12 subcommittees of the Appropriations Committee. And this year—for the first time since 2009—all 12 funding bills were written, considered and passed out of full committee and six passed the entire House.