A group of US lawmakers from both sides of the aisle say the nation’s financial woes are putting the American Dream out of reach for younger generations.
Senators Mitt Romney (R-Utah.) and Joe Manchin (D-W.Va.), and Representatives Bill Huizenga (R-Mich.) and Scott Peters (D-Calif.) penned an op-ed on The Hill saying the US national debt is exploding at an unsustainable rate.
The op-ed comes as new government data shows the national debt has surged from $33.990 at the start of January to $34.072 – an $82 billion increase.
“The national debt is the greatest threat our country faces – and we are rapidly approaching the crisis point. We were elected to lead, and that involves making sacrifices and tough decisions.
There is growing appetite on both sides of the aisle to address our national debt. It is time for Congress to put the interests of the country ahead of political expediency and get us on sound fiscal footing before it is too late.”
The officials call for a government body to address and monitor the fiscal situation of the United States – an idea they say is the most practical and immediate chance the country has to address the crisis and protect seniors.
“Those who claim a fiscal commission is simply a Trojan horse for cuts to Social Security and Medicare are engaging in fearmongering. What will jeopardize these benefits is inaction — keeping the status quo. Social Security will become insolvent in less than 10 years, which would result in an automatic cut in benefits by 24 percent. That is unacceptable.
Those who propose doing nothing are effectively paving the road to bankruptcy of Social Security and Medicare. Congress needs to find solutions that preserve these essential programs for Americans who today are in their 20s, 30s and 40s.”
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