PROGRESSIVE VIEWS
The current national debt is a whopping $36 trillion, exceeding Gross Domestic Product (GDP) by 20%. The debt continues to grow regardless of which political party is in power.
The Congressional Budget Office forecasts that annual federal spending will grow well beyond the current 23% while revenue stays about the same at 19%. Spending on interest will exceed all other budget categories by 2051.
The Social Security Trust Fund will be insolvent in about 10 years and, under current law, benefits are required to be reduced by 25%. We are leaving a bleak legacy for our children who will be saddled with the ever-increasing debt.
Unfortunately, I don’t see a realistic discussion from either political party on how to attack the problem. Simply put, we have too much spending and not enough revenue. The main components driving spending are rising healthcare costs, an aging population and skyrocketing interest costs. Rising interest costs will squeeze out essential programs and hamper our ability to respond to future economic downturns.
Also, I don’t see the public pressuring our elected officials to take concrete action. Massive cuts would bring outrage from the public. We must raise revenue from 19% to 21% of GDP by eliminating most deductions, exclusions, preferences and credits. We must bring spending down to revenue over the next 10 years or faster by freezing domestic and defense spending, reforming healthcare and putting Social Security on a solid footing by reducing benefits to the top 25% of earners.
This is tough medicine and I don’t see anything here that I like, but it represents a realistic and necessary plan for our future economic survival.
Concern about climate change also appears to be out of favor, as many stick their heads in the sand and hope it goes away.
The Earth is about 1.1 degree Celsius warmer than it was 150 years ago, and greenhouse gas emissions continue to rise. To keep global warming to no more than 1.5°C, emissions must be net zero by 2050. There are some new and upgraded technologies that might just let us achieve this goal.
As a former oil industry worker, I certainly wish that the Earth wasn’t warming largely due to the burning of fossil fuels. Unfortunately, wishing won’t help. One key will be carbon capture technology, which will allow us to make the transition with less energy turmoil. It works but its expensive.
We ignore climate change at our own peril. My Florida cousins experienced over 1.5 feet of water in their house two years ago after living there for 25 years with no flooding. The last storm, Hurricane Milton, did it again in October. Sea level is up over 8 inches over last 100 years and 4 inches since 1993.
This, coupled with higher ocean temperatures, creates more severe storms which have devastated so many folks in Florida and in places like Ashville, North Carolina. We just can’t ignore the problem, but it looks like we will at least for the next four years.
I find it sad that Hungarian Prime Minister Victor Orban is used as an example of a great leader. Hungary has entered into recession for the second time in two years and the currency (forint) continues to be very weak.
As a place to visit it is wonderful, since the dollar goes a long way. I have Hungarian ancestors and my wife and I had the pleasure of spending time there last year. I heard lots of complaints about the economic situation, particularly the devaluation of the currency. We loved the people, sights and food.
In addition to ruining the economy, Orban has chipped away at the foundations of Hungarian democracy and replaced it with an authoritarian regime that uses cynical power. Orban’s popularity is finally declining yet he clings to power as he wrings wealth for himself and friends from the troubled Hungarian economy and he continues to fuel social divisions.
I remain hopeful that reason will prevail and that moderates in the United States will stand up to extremists. To learn more, check out the Kendall County Democratic Party website: kcdems.us.
Kevin Henning is a local Democrat and pragmatic progressive.
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