Today, I travel to Washington, D.C. as a member of the Minnesota Chapter of the Campaign to Fix the Debt. We are roughly 40 people strong as a steering committee, led by three chairs, all of which served in the U.S. Congress. This includes former Rep. Tim Penny (I-MN), Rep. Martin Olav Sabo (D-MN) and Senator Rudy Boschwitz (R-MN).
Our mission this week simple.
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While leaders in D.C. may think the debt is improving in light of short term improvements, the fact remains that debt is still a major issue. The current debt path remains unsustainable. Our nation’s current debt-to-gross domestic product (GDP) ratio is at an alarmingly high level of 74 percent, nearly twice the historic average.
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Unless our leaders in Washington take action, the national debt is sure to adversely affect American families in all walks of life. Over the long-term, our ever-escalating national debt threatens to depress the job market, cut deeply into the social safety net, crowd out spending on important priorities for American families, and cut housing and welfare programs upon which millions of families rely.
As a small business owner, I see this first hand. The question is not about the US debt, but where will we spend our tax dollars going forward. We only have control over the future and I would like to recognize that amount of debt is due to what has been done in the past.
I am proposing a solution because my business and pretty much any business in the US depend upon the health of our economy. We sell to other businesses when they are growing. At the same time, it is challenging for us to hire more employees because of ever-increasing healthcare costs.
If tax dollars are not invested for the future and we do not reduce waste, we will continue to increase our debt as a nation to keep our financial commitments.
When I meet tomorrow with Rep. Tim Walz (D-MN-1), Rep. Erik Paulsen (D-MN-3), Rep. John Kline (R-MN-2), Rep. Keith Ellison (D-MN-5) and Senator Al Franken (D-MN), I hope to tell them this story and let them know how important this issue is.
