Peter G Peterson, former Secretary of Commerce and chair of Bell & Howell, advocates through his Foundation a brighter future for Americans through fiscal discipline and bipartisanship.
Our $23 trillion national debt is $70,000 for every person in America. Our debt is that high because baby boomers are living longer and will increase 30 percent by 2030 impacting more Social Security, Medicare and Medicaid spending. Our health care costs two times more than other advanced nations with poorer outcomes and spending exceeds federal revenues by 30 percent.
As our debt grows, so do interest payments. Interest is the price we pay to borrow money. Every day we spend $1 billion on interest and will double by 2030. Next year, we’ll spend more on interest than on children.
Every dollar going to interest means less money available to build a better future for the next generation. All political parties agree we have to address our debt. Yet, few politicians talk about it because promising more generates votes; cutting spending fuels anger.
Thomas Jefferson said, “We must not let our rulers load us with perpetual debt.” We have … and it must stop. Only you can cause change.