Steven Wilson

I believe this is currently the number one threat to America. A year ago I was in Iraq, so I am certainly well aware of foreign threats. In January, however, the Senate could not even agree on a planning committee to begin the discussion of how to address the national debt, I am deeply concerned.

President Obama's budget that was released on February 1st shows a net interest payment of 840 billion budgeted for 2020. The total interest will likely be well over one trillion if not over 1.1 trillion (government reporting for another day). If this level of interest expense happens, we are stuck! Why? Because we cannot cut this program..... and the annual trillion dollar payment buys us nothing. It does do something for foreigners as likely half or more of that interest will go to support someone else's economy. This is likely because half of the current debt held by the public is money from foreign investors. Lastly, the total debt to GDP will be 111%. The all time record was 122% in 1946. In the forties, however, we quickly cut that in half. Today, we are scheduled to double the debt to GDP eventually to 250%.

The result? Our children and grandchildren will not have the same America. Owning a home, sending their kids to college, having the standard of living we had will be less likely because their money will be used to pay the interest on the money we borrowed.

So, where did all this start? Our federal government has been relying more and more on debt and now it is an addiction. Frankly, the money of special interest groups and the power of the major parties in Washington DC (example: Cornhusker Kick Back or Medicare part D) has paralyzed our ability to make the tough decisions. Combine these two factors with the pressure to be re-elected and we have the three root issues that contribute to a Congress that cannot make the tough decisions without adding to our nation's debt.