Open Letter to Senator Obama
Senator Obama,
With your theme of “Change,” it’s time to get a good look our nation’s fiscal debate. “How do we pay for it?” When introducing new policy proposals, candidates for federal office have learned to anticipate that inevitable question. But oftentimes, after being provided with some basic explanation, the reporters chasing after the candidates don’t have the information at hand to take the exchange to the next level. And, it’s not about airing your tires to the proper pressure!
More recently, as the economy has worsened, the quality of the discussion between Senator McCain, you and the press over economic policy has improved somewhat. The media now weights candidates’ plans in terms of whether they will increase or ease the pressure on us and on our government.
The nonpaartisan Peter G. Peterson Foundation, however, says that this level of discourse still falls short. Given our current and projected financial condition, the nation’s fiscal debate must be entirely reframed. It is no longer enough for a candidate to simply offer a proposal and discuss how he or she plans to pay for it.
The official national debt is approaching $10 trillion. But what the Foundation calls the real national debt, including current explicit liabilities and unfunded promises for entitlement programs, is $53 trillion. That’s $175,000 for each and every one of us. Social Security and Medicare alone account for $41 trillion of this staggering total and, thanks to compounding, their share grows by $2 trillion to $3 trillion per year on autopilot. Rising health care costs are outpacing overall economic and income growth and, absent dramatic and fundamental reforms, eventually could bankrupt the country. Based on our current entitlement and other spending, taxes would have to more than double over the next few decades in order for the government to pay its bills and deliver on its promises.
Given these conditions, Senator Obama, can you answer the following questions:
Do you believe that the nation will be able to grow its way out of the economic challenges it faces, without requiring additional spending cuts or tax increases beyond those you’re already proposing? If not, what is your proposed approach for addressing the federal government’s $53 trillion financial hole?
Has the time come for a base-like review of all major spending programs and tax preferences, and if not, why not?
Would you support the creation of an independent, bipartisan commission to review the nation’s fiscal future and make recommendations to your administration and the next Congress about a range of reforms (e.g., budget controls, Social Security, health care, taxes)?
By answering these questions, maybe we can finally start getting to the root of the country’s long-term economic challenges.
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