It’s Time to Sound the Alarm on the National Debt!

[Max4Congress]

According to usdebtclock.org, the current national debt is $15.943 trillion. By January 1, 2013 it will be somewhere in the $16.4 trillion range. Beyond the deficit discussion, what are we going to do with this debt? It’s a manageable number when interest rates are near zero. However, history tells us it won’t be that low forever. By taking a quick look at the debt clock, you’ll see the debt going up at the same time the interest on the debt is going down. That’s because we’re retiring older high interest notes with newer lower interest notes. Sooner or later this trend will reverse itself and when it does, we’ll be in a world of hurt. If that same $16 trillion was financed at 6%, the interest would be somewhere in the $1 trillion per year. That’s $750 billion a year more than it is today. Let me put that into prospective. $750 billion is equal to the entire Defense budge or the entire Social Security budge. What will happen if we all of a sudden had an additional $750 billion added to our bills to pay. The deficit you be closer to $2 trillion per year. Now is the time to pay that debt down. We have no choice.

Back in the late 50s, shortly after my family moved to southeast Houston, my dad went to a men’s meeting at the Temple Methodist Church on Dixie Drive. When he returned, he sat the family down and announced that the church had financial problems and every family had to do what they could to take care of it. My mom asked how much my dad had given them and he told her $400.00. She said “that’s everything we have” and his reply was “that’s why I only gave $400.00“. In those days, that was equal to a month’s pay. My dad did what he did because he cared for his church and I believe it’s time for the citizens of this country to show they care for this country.

If we don’t address this debt issue now, we are gambling on the future of this country. Without a doubt, we need to pass a tax increase for all those who can afford it. Beyond that, we need to begin a discussion on how we can best begin to collect additional revenue to pay down this debt. Simultaneously, we need to begin an aggressive reduction in all areas of government, with limited amounts of job reductions or by leaving the most vulnerable out in the cold. We can do this if we send representatives to Washington who are going to solve problems, not create them. I believe, I am just such a person.

Max Martin
Candidate
U.S. Congress, Texas 36th District

[djean111]

1. Ah, it is somewhat refreshing to see a clear agenda.

Simultaneously, we need to begin an aggressive reduction in all areas of government, with limited amounts of job reductions or by leaving the most vulnerable out in the cold.
Better start doing this soon, as it seems the ice floes are melting pretty quickly......

[LiberalLoner]

2. It's time to get the rich to pay their fair share of taxes so we can have a civilization,

is what I think. And time to cut the defense and prison industries down to size.

[Cary]

8. Indeed

It's time to do something about the atrocious concentration of wealth. That is our real problem.

We have plenty of money. All of the growth in GDP has been going to the top 1%, divesting the middle class.

[Cary]

3. Pfeh

Mr. Martin, with all due respect about a third of the debt is attributable to "conservative" wars. About a third of the debt is attributable to the Bush/"conservative" tax cuts. And about a third of the debt is due to really foolish "conservative" economic policies enacted over the past 30 years, starting with Ronald Reagan.

We have to grow our way out of this debt. That is, in fact, the only way to deal with this and if we can't grow our way out of the debt as we have done in the past then the whole world is in deep trouble.

I appreciate the fact that you are running for office in Texas and perhaps this kind of low information fear mongering is necessary. However I hope you do your home work and that you understand that what you're presenting here at DU is really bad economics.

[sinkingfeeling]

4. Why wasn't the debt a problem under G.W. Bush?

P.S. Are you running as a democrat? Independent? Or Tea Party?

[uponit7771]

5. Yeap, make the rich pay their fair share and reduce military spending....libs and cons agree

[CK_John]

6. When will people realize money is a concept. Just like in Europe

when the populous complains enough you modify the concept and the problem goes away.

[Warren Stupidity]

7. So Max, what is your proposal to deal with the 'debt crisis'?

The Republicans across the aisle have a proposal, the Ryan Budget. I believe that proposal is an abomination. What is your proposal?

[nc4bo]

9. Wait - you don't believe that gay marriage shouldn't be an issue for the government?

And simply a church issue?

I don't agree.

[Wounded Bear]

10. So, Mr Martin....

are you going to ask the wealthy 1% in this country to do what your father did in your (probably apocryphal) story?

Will you ask those people who have over $1 Billion in assets to liquidate 10%-or even 1%-of that wealth and pay it in taxes?

Inquiring minds want to know.

[progressivebydesign]

11. When the top 1% pay their fair share, then I'd agree but NOT on the backs of middle class

No way. Every time I hear that bullshit about cutting Govt to trim the debt, I KNOW that it comes from people that want it to happen on the backs of the hard working middle and lower classes.

Weird that NO ONE who complains about the Debt, suggests asking people like Mitt to pay his fair share to help. Nope, it's always cuts to the services that people like him would never need.

And where is the talk of the trillion+ Bush borrowed to pay for those pointless wars? He ran up the deficit, he borrowed money, and destroyed the economy, but it's the working folks who are expected to suffer. Are some people just incapable of comprehending that there are interest payments on that trillion or so we borrowed.

I don't give a shit about the deficit. I care about teachers, and first responders, and disabled, and those young people that need job training, and how we're going to have to get the top 1% to pay at the rate they paid under Reagan, which would fix this.

[Cary]

12. " Every time I hear that bullshit about cutting Govt to trim the debt"

"Conservatives" call this starve the beast.

[Ikonoklast]

13. Cut military spending back to FY2000 levels.

Tax every income over 250K at the Clinton-era levels.

Tax investment income at the same bracket that the taxpayer pays on ordinary income, no more 15% Hedge Fund rates for Billionaires.

Eliminate special rules written into tax law for corporations that do not need them in any way, let them all operate under the same rules for depreciation, write-offs, etc., we should not be picking winners and losers in the marketplace.

If we want tax law to subsidize a certain segment of industry, they must first prove it is for the greater good of all citizens (renewable energy) and security of this nation.

We do not need to be subsidizing fossil fuel extraction industries in this nation in any way above the usual and routine business deductions.

[Cary]

14. This is a great point

We have such a short memory. In the day we referred to Clinton's peace dividend. Yes, he raised taxes on the wealthy but the cuts in military spending had a very positive effect as well.

[pnwmom]

15. No, we should heed economist Paul Krugman's advice. With the Treasury rates

so incredibly low, it's time to issue MORE debt, not less. With these bargain rates, now is the time to invest in much needed infrastructure and to stimulate the economy. Once the economy is really moving again, THEN we can worry about the deficit -- as we did during the Clinton years.