Economy
I have consistently supported legislation and policies to get the nation’s long-term fiscal house in order by balancing the budget and reforming entitlements, so we can eventually pay down our debt.
Budget and Spending
Since 2008, our national debt has increased by more than $9 trillion. Under Democratic control, the United States ran $1 trillion dollar deficits for four consecutive years. After Republicans won back control of the U.S. House of Representatives, the nation’s deficits have shrunk dramatically, to $534 billion in fiscal year 2016. While the deficit is still far too high, the progress made is the direct result of conservative efforts to reign in out-of-control spending, even in divided government.
As a member of the House Budget Committee, I have consistently supported legislation to get our long-term fiscal house in order by balancing the budget and eventually pay down our debt. I support the aims of the Budget Control Act, which I hoped would lead to a solution to our long-term entitlement problems. Of the more than $3.7 trillion in spending done by the federal government, about one third is spent on discretionary programs (those that Congress and the president control on an annual basis). But unless we take on the complicated task of reforming the other two thirds of government designated as mandatory spending (mostly entitlement programs), America will eventually go bankrupt.
Long-Term Reforms
The country’s major entitlement programs (Medicare, Medicaid and Social Security) are the most significant drivers of our debt. In fiscal year 2012, all entitlements comprised more than 60 percent of federal spending. According to the Boards of Trustees for Social Security and Medicare, both are due to become insolvent within the next 25 years if no changes are made. Every year that we delay addressing the issue, the solutions become more expensive and more painful, and continue to put our children and grandchildren even deeper in debt.
That’s why I have supported legislation that would put us back on a path toward fiscal balance by making changes to Medicare for those 54 and younger, while protecting those who have planned their retirements around the system in place. Under this kind of plan, those 54 and younger will have the option of keeping traditional Medicare or moving into a program modeled after Medicare Part D (one of the only government programs to ever come in under budget by 40 percent). If Congress acts now, making smaller changes to critical safety-net programs will prevent worse cuts to current beneficiaries.
More on Economy
Following the recently ended fiscal year, it was reported that the federal government’s budget deficit increased significantly compared to the previous year. While this is certainly discouraging news, the existence of a deficit is not surprising or unusual. Critics are of course quick to blame the implementation of tax reform as the chief contributor to the recent deficit. However, the reality is that another factor has for years been driving deficits and as a result, adding to the national debt.
Last week, Congress responsibly fulfilled its most fundamental duty to the American people by funding some of the nation’s most critical and pressing needs. The legislation signed into law by the president not only provides funding to strengthen and support our national defense, but it ensures vital programs and initiatives that serve all Americans can continue to do so effectively. While this recent action by Congress and the president is unquestionably good news for the country, I am proud that it also marks a historic and much-needed return to governing by regular order.