Lankford, Small: Plan, Commitment Needed To Tackle Nation’s Debt
Small, Lankford: Plan, commitment needed to tackle nation’s debt
By Sen. James Lankford and Jonathan Small
Question: How do you burn down your house? Answer: Get distracted and forget about the pan on the stove top.
Our nation is focused on very real concerns with terrorism, education, immigration, energy, our economy and much more. But in the middle of the chaos, if we forget about our national debt, the most vulnerable among us will suffer the most.
The federal government overspends (deficit) around $450 billion annually, putting our nation $19 trillion in total debt. To put it in plain terms, under the current budget plan, if we finally move from deficit spending to an annual budget surplus of $50 billion a year, it will take us 460 years of consecutive budget surpluses to pay off our debt. That is only twice as long as our country is old.
A recent a report released by Sen. Lankford identifies federal waste, duplication, and regulations well outside the purview of the federal government — many of which slow down the economy and drive up costs to consumers.