(Last updated: 07/21/99).
It has taken us nearly two decades since the tax cuts of the early 80s to balance the budget. In this period national debt increased from about $1 trillion to more than $4 trillion. In addition, we have unfunded liabilities in the federal retirement programs (Social Security, military, civilian) amounting to about $14 trillion. We are passing along a huge and burdensome liability to our children.
We are at a crossroads. We can take the short view and cut taxes, and feel good for a while.
Or we can do the responsible thing. We can use the surpluses to repay the national debt and to properly fund the federal retirement programs (and ultimately achieve what accountants call actuarial soundness).
Let's do the right thing. Let's leave as a legacy a nation that is financially sound.
While using the surpluses to repay these liabilities is the responsible thing to do, and assures a better world for the next generation, it has the advantage that it produces immediate benefits:
Prepared and paid for by James Gibson for U.S. Senate
PO Box 50264, Minneapolis, MN 55405-0264, 612-521-5350