U.S. debt must be repaired

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It seems that most politicians enjoy talking about small-business owners. Folks such as my father and I typify the American dream because we place our faith – and our money – at the mercy of our own abilities and drive to succeed. We sincerely believe that if we work hard enough, we can achieve anything. I just wonder if Congress really feels the same way, especially when it comes to the national debt.

The growing national debt is the No. 1 issue small businesses believe Congress and the administration should address, according to a recent survey by the National Small Business Association. With National Small Business Week (June 17-21) approaching, now is a good time to reflect on the important role that small businesses play in our economy, as well as their prevailing view of the condition of our country’s fiscal policy. That view is that the national debt matters. And it needs to be fixed.

Lately we seem to have jumped from one fiscal crisis to the next. Congress should pass a big deal – one that’s big enough for Congress to avoid any fiscal showdown in the future – that would address our entitlement programs, which will be the true drivers of our debt, and figure out how to tweak them to cut costs over the long term. Similarly, Congress and the president need to figure out how to reform the tax code.

As a member of the Campaign to Fix the Debt (www.fixthedebt.org), a nonprofit, bipartisan organization pushing to change the unsustainable trajectory of our national debt, I hope U.S. Sens. Saxby Chambliss and Johnny Isakson, and U.S. Reps. Paul Broun and John Barrow, will make an effort to ensure that all of our representatives in D.C. will work together on long-term solutions that fix the debt.

Andy Knox Jr.

Thomson

Comments (15) Add comment
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karradur
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karradur 06/15/13 - 07:14 am
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It's funny...

...how these "fix the debt" supporters never really bother to ask the question "to whom are we in debt?"

Because if you get past the "$15 trillion in debt" talking point and start to actually research how the Federal Reserve and global monetary system works, you will find yourself down a very strange path where money loses all meaning.

karradur
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karradur 06/15/13 - 07:16 am
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And the answer to that question?

Nobody.

It's not real debt.

RMSHEFF
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RMSHEFF 06/15/13 - 07:32 am
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karradur

Your last 2 post show your complete ignorance about the effects of debt. Why don't we just go for 50 trillion in debt.....we owe it to our selves? While we are at it raise the minimum wage to $50 an hour.....same logic.

deestafford
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deestafford 06/15/13 - 08:02 am
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If there is no "real" debt, then to whom are we paying

billions of dollars of interest to each year? When you spend more than you take in the difference is called "deficit" and the accumulated "deficits" is called "debt".

There are no leaders in Congress who are serious about reducing spending...even the so called deficit hawks such as Paul Ryan. They talk about reducing growth in spending but reducing spending itself.

It would be hard to get any debt reduction passed when approximately 47% of each congressman's district and of each senator's state pay no taxes and these people don't want to get out of the moocher wagon. So, they keep voting for those who will make the diminishing number of producers pull the moocher wagon.

We talk about needing another Ronald Reagan who reduced taxes but was unable to reduce spending. As much as I loved Reagan, we don't need another Reagan...we need another Calvin Coolidge who reduced taxes AND spending which ushered in the tremendous expansion and growth that became known as the "Roaring Twenties''. Unfortunately, Hoover and Roosevelt's policies and actions killed all of that expansion.
Our brilliant community organizer, obama, is following the same economic philosophy as those two depression causers.

Truth Matters
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Truth Matters 06/15/13 - 08:12 am
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Reagan....

...raised taxes again and again and again.

karradur
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karradur 06/15/13 - 09:12 am
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@deestafford

"If there is no "real" debt, then to whom are we paying billions of dollars of interest to each year?"

Serious question: do you know who we're paying the interest to?

Because I do.

And I don't think you do.

karradur
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karradur 06/15/13 - 09:15 am
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RMSHEFF
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RMSHEFF 06/15/13 - 10:56 am
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karradar

In 2012 the U S will spend $220 billion in interest on the national debt and by 2020 the U S will spend 1 trillion on interest payments. These figures are based on very low interest rates. If the interest rates were to rise by a few % points the interest payments on projected debt will exceed the total revenues to the federal. This means no money for welfare, healthcare, national defense etc. I see NO problem here….we owe it to ourselves ! We can just raise taxes....right..karradar

Darby
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Darby 06/15/13 - 11:46 am
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"you will find yourself down a very strange

path where money loses all meaning."

.
Nothing new there. For liberals, it's other people's money and therefore it has never had any real meaning.

We can spend it all if we like. Some stupid but energetic conservatives will find a way to generate more business, create more consumers, more capital, and then we can find a way to spend that too.

We have always been able to buy more voters with other people's labor and resourcefulness. Why should tomorrow be any different?

Riverman1
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Riverman1 06/15/13 - 02:18 pm
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Comments Give Us the Dilemma

The debate in the comments of whether the debt actually matters displays our problem. Some don’t take it seriously. But math gives you hard rules and imaginary numbers are labeled as such. If a dollar is borrowed at a certain interest, the event has occurred.
No matter from whom you borrow the money, you’ll have to pay at some date. If you don’t pay, chaos results. Contracts mean nothing. Hard work means nothing. Laws mean nothing.

KSL
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KSL 06/15/13 - 08:57 pm
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They make the IRS look like

They make the IRS look like lightweights.

rt7171
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rt7171 06/15/13 - 09:47 pm
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We are fast reaching the

We are fast reaching the tipping point where there are more moochers than payers. Then we won't be able to maintain payments for EBT, section 8, AFDC and unemployment payments. I advise you arm yourselves to protect your property and food.

KSL
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KSL 06/16/13 - 12:39 am
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You are right

The entitlement class has been educated to believe tP lOhey are, well, entitled. They give no credence to the fact that their ancestors arrived in a country that has eventually evolved into a great place for them to live.

If I meet a Japanese person today, there is no way I would ever blame them for Pearl Harbor

Get over tbe slavery issue . It was wrong, but you have had over a hundred years to correct it. Check out Thomas Sowell.And if you don't acceptt him, then check out later stats. Check out the stats with the huge hands out uplifts that didn't seem to get a person out of subsidized housing until she was evicted (10 years of hands up didn't get it done).

She got evicted. Is she living on the streets, or did some family finally take her in, like they did before Section 8, etc?

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