Right Now
Today, Dr. Coburn will participate in the first meeting of the President’s Debt Commission. The event will be live streamed at this link http://www.whitehouse.gov/live and will also be on CSPAN.
Dr. Coburn is honored to serve on the commission and looks forward to offering proposals to restrain the unsustainable debt and deficits that pose a serious threat to our future.
A year ago, the national debt was $10.6 trillion. Today, it is $12.8 trillion and every American owes more than $41,000. This year we will have a $1.5 trillion deficit.
Leading economists have warned that when our debt reaches 90 percent of our gross domestic product (GDP), economic growth slows considerably. This year, our total national debt will reach 91 percent of our GDP. We may have already reached this economic tipping point. The time for leadership and hard choices is now.
Dr. Coburn is optimistic about the commission and will work diligently over the next seven months to cut government spending, eliminate waste and fraud, and reform broken and bankrupt entitlement programs. However, Congress does not need to wait on this commission to begin making the hard choices needed to restrain spending and reduce the burden of debt on the next generation. Congress should start by targeting the $350 billion the federal government wastes every year, which would immediately reduce our debt and restore public confidence in Congress.
Dr. Coburn is honored to serve on the commission and looks forward to offering proposals to restrain the unsustainable debt and deficits that pose a serious threat to our future.
A year ago, the national debt was $10.6 trillion. Today, it is $12.8 trillion and every American owes more than $41,000. This year we will have a $1.5 trillion deficit.
Leading economists have warned that when our debt reaches 90 percent of our gross domestic product (GDP), economic growth slows considerably. This year, our total national debt will reach 91 percent of our GDP. We may have already reached this economic tipping point. The time for leadership and hard choices is now.
Dr. Coburn is optimistic about the commission and will work diligently over the next seven months to cut government spending, eliminate waste and fraud, and reform broken and bankrupt entitlement programs. However, Congress does not need to wait on this commission to begin making the hard choices needed to restrain spending and reduce the burden of debt on the next generation. Congress should start by targeting the $350 billion the federal government wastes every year, which would immediately reduce our debt and restore public confidence in Congress.
