Fix the Debt

Bipartisan campaign is commonsense approach to fiscal wellness

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Rick Allen and Martha Zoller would’ve been great voices of common sense to have in Congress.

As it is, their voices may actually be better heard in Capitol Hill as regular citizens.

The two Georgia congressional candidates who lost in their recent respective Republican primaries – Allen in the 12th District, Zoller in the 9th – have teamed up to join the national Fix the Debt campaign.

The bipartisan campaign is one of the most hopeful signs we’ve seen that this country may yet address the catastrophic levels of debt that multiple presidents and congresses from both parties have dumped on America.

It’s a debt that is depressing economic activity, threatening collapse of the dollar, and burdening future generations with an immoral $16 trillion bill they had nothing to do with running up.

“The most significant threat to our national security is our debt,” Admiral Michael Mullen, former chairman of the Joint Chiefs of Staff, has said.

Think about that: One of the great military minds of our era says the greatest threat to national security is our spending.

“A nation with our current levels of unsustainable debt,” Mullen said, “cannot hope to sustain for very long its superiority from a military perspective, or its influence in world affairs.”

In addition, as noted by CNNMoney.com, “other countries own close to half of all outstanding U.S. public debt” – including China.

Writes CNNMoney.com: “‘You can’t be strong around the world unless you’re strong at home,’ said Lawrence Korb, a senior fellow at the Center for American Progress who served as assistant secretary of defense under President Reagan.”

Fix the Debt is a creation of Democrat Erskine Bowles and Republican Alan Simpson – the former chairs of President Obama’s “Simpson-Bowles” National Commission on Fiscal Responsibility and Reform, which recommended solutions to the debt crisis and was unceremoniously ignored by official Washington. Also involved is the Committee for a Responsible Federal Budget, a bipartisan non-profit.

Other respected bipartisan organizations such as the Concord Coalition are also involved in Fix the Debt. And some 100 CEOs have signed on to help.

National co-chairs of Fix the Debt are former Republican Sen. Judd Gregg of New Hampshire and former Democratic Gov. Ed Rendell of Pennsylvania.

And now, Rick Allen and Martha Zoller have signed on as Georgia co-chairs for Fix the Debt.

This election is the most important in our lifetimes – but it will come and go within the next week. What will remain, like a giant hurricane on the horizon, is the legacy of debt that we are still adding to, at the rate of about $1 trillion a year. We’ll be awash in it long after Hurricane Sandy has died out and its floodwaters fully receded.

It’s past time to plan for a better future for our children. But better late than never.

We wish the Fix the Debt campaign Godspeed, and we should all stand ready to do whatever it takes to help the campaign succeed. And that includes some forms of financial sacrifice.

Ask the remaining heroes of the World War II generation if self-sacrifice works.

And ask yourself if you’re up to the challenge.

Comments (55) Add comment
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shrimp for breakfast
5422
Points
shrimp for breakfast 11/02/12 - 01:39 am
4
6
A start

Cut defense budget big time!

Every great nation from The Greeks to the Romans to the English to the French had monetary problems because it is virtually impossible to have a standing army all over the world. Since 9/11 the one thing that has increased our debt more than anything else is the defense budget. We could not and can not afford two wars without end. The only people making money are the defense contractors.
Now I hear that buffoon Lee Andeson saying if elected he would add to the defense budget. We cannot afford to send stupid people to Washington at this time.
I am speaking from History and it will not change. We keep going down this road and we will collapse like the rest.

Riverman1
79612
Points
Riverman1 11/02/12 - 03:58 am
9
1
Some Say Debt Is Not That Bad

I find it astounding that some will argue America’s debt is not that bad. A theory going around in some circles is expressed in a Time magazine article last year. It says: “What neither side seems to recognize — or at least acknowledge — is that what matters about the debt isn’t the dollar amount per se, but how much it costs us to service it. And by that measure, the debt isn’t nearly as big a problem as it’s being made out to be.”

That’s close to saying we can borrow more and more until we reach the point we can’t pay the interest. It sounds like the housing crisis with foreclosed homes dotting the landscape due to loans that couldn’t possibly be paid.

ultrarnr
896
Points
ultrarnr 11/02/12 - 04:05 am
1
5
This is a real scandal
Unpublished

The Congressional Research Service has withdrawn an economic report that found no correlation between top tax rates and economic growth, a central tenet of conservative economic theory, after Senate Republicans raised concerns about the paper’s findings and wording.

Riverman1
79612
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Riverman1 11/02/12 - 05:14 am
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2
About the CRS Economic Report

From TaxFoundation: "The report's methods were so seriously flawed that the study could not possibly pick up any relationship between taxes and growth, making its results, or lack of them, meaningless. The report has since been withdrawn from the CRS web site."

wayne2410
1239
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wayne2410 11/02/12 - 05:34 am
5
3
My guess is those defense
Unpublished

My guess is those defense contractors have employees, so shutting them down will harm the private sector also. Then again I suppose that is right up the democrats alley, killing jobs is one of the things they do best.

carcraft
24327
Points
carcraft 11/02/12 - 05:54 am
5
2
Fast growing government spending is welfare

Actually the fastest growing area of Government spending is welfare. We have spent more on welfare than all of America's wars combined including the Revolutionary war! Welfare spending is now a trillion dollars per year! http://blog.heritage.org/2012/04/20/welfare-tackling-the-fastest-growing... Here is the military budget from Wikipedia for 2012
Components Funding Change, 2009 to 2010
Operations and maintenance $283.3 billion +4.2%
Military Personnel $154.2 billion +5.0%
Procurement $140.1 billion −1.8%
Research, Development, Testing & Evaluation $79.1 billion +1.3%
Military Construction $23.9 billion +19.0%
Family Housing $3.1 billion −20.2%
Total Spending 683.7 billion +3.0%

Welfare spending has jumped 32 percent under Obama and is now at over one trillion dollars! http://www.washingtontimes.com/news/2012/oct/18/welfare-spending-jumps-3...

nofanofobama
6750
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nofanofobama 11/02/12 - 06:14 am
7
2
24 percent of the budget is

24 percent of the budget is not whats is breaking us....its the cost of welfare that is driving our debt....who could calculate the cost it we were not present in the world..what kinda world and what kind of threats would exist??? ever hear of hitler, toto, how about stalin and mao? err the last two might appeal to the left..

shrimp for breakfast
5422
Points
shrimp for breakfast 11/02/12 - 06:46 am
5
2
Ok Folks

Lets cut the debt. We can all agree on Welfare. Now, where do you start? Who gets it and who doesn't?
Can we afford a war right now?
Can we afford to send money all over the world to people who hate us?
What about the wasteful spending in Washington?
Food stamps. Who get's to eat and who doesn't
Don't cut down the folks who can't find a job. If you want to blame someone blame the banks who started this whole mess giving loans to anyone who applied whether they could afford a house or not.

I'd like to hear your ideas not just what's wrong with mine.

TrukinRanger
1748
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TrukinRanger 11/02/12 - 06:53 am
1
0
economy = jobs = economy. We
Unpublished

economy = jobs = economy. We have put in place where it is more economical for U.S. based companies to move their factories south of the border and to Asian countries. At the same time they're headquartered in the U.S., receiving tax breaks and record bonuses for CEO's that have only taken jobs OUT of this country. Then they hide their money if offshore bank accounts to keep our country from taxing them. We need to quit making it easy for them to do this! End tax breaks for these companies and quit making it so easy for goods from outside our borders to come in and be sold cheaply at big chain stores.

TParty
6003
Points
TParty 11/02/12 - 07:21 am
4
2
"Think about that: One of the

"Think about that: One of the great military minds of our era says the greatest threat to national security is our spending."

Correct. And how much does Romney want to spend extra on the military, money they are not even asking for? $2.1 trillion to the Pentagon budget over the decade. So think about that.

seenitB4
81697
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seenitB4 11/02/12 - 07:33 am
6
0
ok shrimp to this...

I'd like to hear your ideas not just what's wrong with mine.

Well you asked didn't you....here goes...

Do you remember when jrc posted that he had tried to get workers to help him unload some windows......he went through a section 8 housing complex & guess what....very few takers....their questions were ...Do what--where --how much & then said...no can't do it.....he finally found 2 who would work...they also worked at checkers....
That tells me when you sit at home & get money to do NOTHING....you will continue to sit & do NOTHING!
We have created this MESS with give a ways with no end in sight....did you also see whole generations at cherry tree.....parents --siblings--younguns--on & onnn......I came from a big family.....many kids to feed....we didn't get freebies & it actually made us tough & desiring a job......we wanted to work .....we have to get back to the basics again.....that is WORK FOR FOOD or this country is dooomed..imho.

soapy_725
43555
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soapy_725 11/02/12 - 07:42 am
1
0
Duplicitous propaganda
Unpublished

Sheeple, sheeple, sheeple. Get in line. Every time someone says cut the military budget you go nuts. That is what DC wants. You think they mean military men and women will get no pay, no services, no medical, no pension, their children will starve and they will have no housing. Pictures of wounded warriors suddenly appear. DC is using your concern for the men and women for whom they have no concern. If DC wanted to end the every increasing numbers of wounded warriors, they would stop the war. Disengage the ground troops.

The portion of the military budget that needs to be cut is the "global monetary control occupation" by US military. Wars to enlarge our occupation of the world. Monetary Colonization. A suedo UN Peace Keeping Force paid for by US taxpayers.

Lies and misinformation. Learnings from Vietnam. Don't show the dead. Show the wounded.

Replace war time journalist with "embedded propaganda machine".

Make the war look like a video game. Shock and Awe. Real time, live action.

Obviously Americans who want to continue world conquest are immune to death, wounded warriors and overwhelming debt. Until the two uniformed soldiers arrive on your porch.

justthefacts
20452
Points
justthefacts 11/02/12 - 07:42 am
3
3
Defense spending

Defense spending under the Prersident has been running at 3.2% GDP. Romney would increase it to 4%. Mind you this is over 10 yrs. Not next year. The difference is not going to do much to affect the debt. As someone mentioned, at least the increase would be providing jobs and not just giving the money away. Finally, if we get a President who could return the country to economic growth, the percent spent on Defense as a % of GDP would drop.

nofanofobama
6750
Points
nofanofobama 11/02/12 - 07:44 am
3
3
we had the grace commission

we had the grace commission many years ago put out a list of recommendations..shrimp here are the start of mine...cut all redundant programs its estimated that 100 billion would be saved immediately...80 cents of every dollar that is sent to dc..is spent b/4 going to actuall programs ...strip ther fed of programs put at the state level..its has been studied that our up and down expeditures per administration on defense is costly.. desginate a a percent of budget qnd maintain it...as PROPOSED ROMMNEY AND RYAN...adjust social security for those 55 and lower with choices like our elected officials..then raise age and means test..set up 1 cabinet postion that scruntizes the depts for waste and fraud..set a reward system to identify these waste and fraud...do away with the dept of education, dept of energy dept of health etc..put back to state levels...limit years on govt assitant prorams..job programs should be a tax credit for industries that are hiring...foreign aid to be reevaluated to our friends and good behavour. put in pro growth tax program elimnate all unneccesary regulations and freeze the budget.and elimnate obama care and start over with tort reform..thats just a start

Bizkit
29241
Points
Bizkit 11/02/12 - 07:47 am
2
1
According to the White House

According to the White House Budget office the debt will increase under Obama a trillion each year reaching 20 trillion by the end of his second term. So re-elect Obama if you support further debt, more spending, larger intrusive govt. a weak economy. I see why he is so popular.

soapy_725
43555
Points
soapy_725 11/02/12 - 07:48 am
1
0
The government required the banks to
Unpublished

give sub prime loans. The government requires housing for all. Housing that ends up belonging to Freddie and Fannie wither by foreclosure of mortgage debt. The government is buying up private land and housing. No matter who your home loan is with, Freddie and Fannie own the note. HUD sets the rules.

One of the largest bank in N.A. even advertised unsecured loans for illegal emigrants.

The banks are just stores selling US paper money. Businesses trying to make a profit just like every other able bodied citizens in the USA.

shrimp for breakfast
5422
Points
shrimp for breakfast 11/02/12 - 07:54 am
5
2
Seenit

You are correct as usual. And nofanofobama that is an excellent idea. It appears the people who need to be running this country aren't running!

soapy_725
43555
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soapy_725 11/02/12 - 07:54 am
1
0
Self absorbed citizens
Unpublished

Spending more than they earn. Buying on credit like there is no tomorrow. Spending other people's money. Then complaining about the national "deficit debt". Hippocrates all.

Complaining about the excessive habits of others while gorging themselves. Lining up at the "government trough".

Welfare? Farm subsidies? College grant money? Art grant money? Historical restoration grant money? Church pantry grant money? Charity staff salary grant money? Tax Exempt 501's?

soapy_725
43555
Points
soapy_725 11/02/12 - 07:58 am
1
0
Fix your own debt. Pay your own way.
Unpublished

That was the paradigm before we got into this global conquest theology. And it is a religion with true flag waving believers. A Bible under one arm and a flag in the other hand. The USA and its socialist democracy is the savior of the world.

Or maybe it is the Fascist Christian Democracy?

TParty
6003
Points
TParty 11/02/12 - 08:21 am
2
3
"The difference is not going

"The difference is not going to do much to affect the debt. As someone mentioned, at least the increase would be providing jobs and not just giving the money away."

2.1 Trillion ADDITIONAL dollars is a big deal, on top of what is already a very large budget.

And there is something to be said about when people receive welfare, that money immediately goes back into the economy due to them spending it all. That money spent goes to providing jobs. One persons spending is another persons income. Whether it's the single white mother with two kids using food stamps to purchase food, or a bigger government check going to defense that gets passed down as income- it's all the same.

Welfare needs to be reformed for sure, to decrease the fraud and abuse- and that goes for everything in all sectors of life.

Along with fixing welfare, you have to look at defense. Like ACES and I said earlier, "One of the great military minds of our era says the greatest threat to national security is our spending." And Romney wants to add 2.1 Trillion to the Pentagon budget, when they are not even asking for it.

Rather
56
Points
Rather 11/02/12 - 08:24 am
2
1
How?

The interest on the current national debt is far more than the sum of all the taxes taken in. Only way is to get people employed or raise taxes which will only help a little bit. And, I mean interest on debt exceeds current tax revenues by a huge amount. Country is beyond help. It is doomed. Run-away inflation is on the horizon. Watch the printing presses printing dollars. It is too late.

nofanofobama
6750
Points
nofanofobama 11/02/12 - 09:01 am
2
0
tparty-is not the

tparty-is not the same..everyone spends a portion of income on the necessities of life. food housing etc..this does not create new jobs..its when people spend disposiable income as defined by money above that what is needed for necessities....thats were jobs such as entertainment, extra house, luxury items you name it. thats where jobs come from it comes from extra spending so all spending is not the same..when you tax achievers you reduce this spending therefore you reduce those jobs.

shrimp for breakfast
5422
Points
shrimp for breakfast 11/02/12 - 09:08 am
2
0
The only way

There is no way a President can get us out of debt in 8 years much less 4 yeas. We need to have a plan that we don't deviate from that chips away at the debt constantly. We didn't get into debt overnight and we won't get out overnight. I say it will take 20-30 years of tough choices in order to get anywhere near the light at the end of the tunnel.
The problem is that people don't want to be inconvienced and the two men running for President are trying to get elected by saying you will be better off 4 years from now.
Not if we have to buckle down and bite the bullet. There is no easy way out!

Bizkit
29241
Points
Bizkit 11/02/12 - 09:31 am
1
0
Well 43% of spending is

Well 43% of spending is mandatory social security, medicare, medicaid, etc. That leaves 19% spending on military and 18% discretionary. I don't see the benefit of more discretionary spending with education (we already spend too much with little return-ie money taint the issue) or defense (we still have the best). Sadly I think people hold on too much to the vestiges of social security and other entitlements which are dinosaurs from the past and need to be eliminated and revamped-especially social security. There are plenty of areas to cut spending-we just have to be leaner. But we also need to let the Bush tax cuts expire and raise taxes on all income earners. Then get the bum Obama out of office because the idiot plans to raise our debt to 20 trillion the next 4 years according to his own budget office. To think nearly half of all our spending is on entitlements which are vestiges of the depression and have no application today-it is obsolete. This is federally mandated and castrates our ability to budget. People mandatorially have to put money into something with the hopes of getting a meager return later in live-isn't a great proposition. Perhaps a real stimulus to small businesses (no banks, auto industry, govt ) would be shot in the arm too. The last stimuli helped govt, industry, everybody but US.

TParty
6003
Points
TParty 11/02/12 - 09:29 am
1
2
"necessities of life. food

"necessities of life. food housing etc..this does not create new jobs"

Sure it does, in the food, housing, etc... sector. And it prevents people from losing their job, since people don't have to be let go since less people are sending money in their direction.

"When you tax achievers you reduce this spending therefore you reduce those jobs."

That's not true. There is no correlation between top tax rates and economic growth.

Source: http://graphics8.nytimes.com/news/business/0915taxesandeconomy.pdf

And

http://www.nytimes.com/2012/11/02/business/questions-raised-on-withdrawa...

Bizkit
29241
Points
Bizkit 11/02/12 - 09:34 am
2
0
Well since the govt likes

Well since the govt likes mandatory perhaps a Federal Mandatory Balance the Budget amendment-every state but one has such rulings. It's like a no brainer-but very telling the resistance to such a move.

Bizkit
29241
Points
Bizkit 11/02/12 - 09:36 am
1
0
Congress has been feeding us

Congress has been feeding us poopy sandwiches so long they've convinced us it taste good. No wonder Congress has such a low approval rating. I don't they are full of Malarkey but yep -poopy. hee,he,hee.

TParty
6003
Points
TParty 11/02/12 - 09:38 am
1
1
" plans to raise our debt to

" plans to raise our debt to 20 trillion the next 4 years according to his own budget office."

Source on this?

faithson
4810
Points
faithson 11/02/12 - 09:41 am
1
1
to much ideology, not enough pragmatism

pragmatically, we need cuts and revenue. Can my daughter take a 20% cut in her food stamps, it would hurt, but she and the twins could make it. Can my wealthy Brother and Sister afford to pay higher taxes, in fact a tax rate they paid in the 90's, everything I see in how they spend indicates they can without effecting their quality of life. Do we really need 1.2 million men and women under arms to protect our country in a world where 'land invasion conflict' has gone the way of the doe-doe bird. 250,000 superbly trained men and women can do the job considering the 'REAL' threat we face. Of course those who benefit from defense spending will object here, but pragmatic thinking, even in the military itself, suggests otherwise. We face tumultuous times ahead without a pragmatic, in your face, this can be done attitude. Neither party has the gonads to address these hard choices, they are to self-serving of their own interests, not the interests of all the people.

shrimp for breakfast
5422
Points
shrimp for breakfast 11/02/12 - 09:46 am
2
0
One thing I don;t understand

Elected represenatives get paid a fortune and have the best health care the country can provide...FOR LIFE!
Why should they care about our welfare or cutting debt when they have nothing to worry about.
Something is very very wrong with this picture. These people should be public servants not celebrities.
TERM LIMITS and no health care for elected officials.

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