Tags: elections | trump | unfunded liabilities

Will the Midterm Elections Only Postpone the Next Disaster?

Will the Midterm Elections Only Postpone the Next Disaster?
President Donald Trump speaks to the media before departing on Marine One to travel to New York, at the White House on August 17, 2018, in Washington, D.C. (Mark Wilson/Getty Images)

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Friday, 17 August 2018 03:30 PM Current | Bio | Archive

“If American voters are lulled into a false belief that they’re fundamentally changing anything by simply shifting control of Congress from Republicans to Democrats, they are sorely mistaken. What they will be aiding and abetting is even worse partisan warfare and division, and more dangerous political gridlock in Washington.” — Al D’Amato

As the midterm elections approach, will they simply be a referendum on Donald Trump’s presidency or a more momentous vote affecting America’s future? Will they only postpone the looming financial disaster facing the nation?

Right now I agree with the best political analysis which projects that the U.S. House of Representatives will change hands in 2018. The GOP losses shouldn’t be as great as they may be, given the fast pace of economic growth and near full employment. But Republicans have done a dismal job of capitalizing on the nation’s strong economy. And the president hasn’t always helped. Instead of focusing on the rebounding economy and building on our prosperity, Republicans have walked right into Democrat traps re-litigating the last election.

It doesn’t take a big stretch to conclude that both parties would rather fight over divisive political issues than address looming problems that could sink us all. Why? Because addressing those problem is not as easy as partisan bickering.

There is a growing consensus from almost all economists that the nation is approaching a perfect financial storm that has been fanned by both parties and needs both parties to tame it. The biggest problem we face is the huge national debt that is stretching to the breaking point.

In a stark op-ed entitled “America’s Debt Has Exploded,” former U.S. Treasury Secretary Robert Rubin observes “the imperative must be to develop a political strategy and a narrative that persuades the broad American public that its economic well-being depends on getting our fiscal house in order.” It’s worth noting that Mr. Rubin is not a right-wing pundit crying wolf. He’s a liberal-leaning Democrat who’s simply stating the facts.

This impending debt crisis will be made worse as our health care and retirement costs continue to spiral upward. In just a few short years — by 2026 according to government estimates — the nation’s Medicare program will slip heavily into the red. A few more years later — by 2037 — the Social Security Administration estimates that the Social Security Trust Fund will also tip into deficit. These “unfunded liabilities” will dangerously contribute to the nation’s debt.

Added to this burden is the debt load of younger Americans struggling to pay off huge college loans, and the steep debt carried by American businesses. Put this all together and it points to a day of reckoning our children and grandchildren will not be able to avoid.

Which is why the time to act is now. And that will require a Congress that shakes off its obsession with petty politics, and a president who shakes off his preoccupation with petty distractions. These national challenges could be met with a good dose of common-sense measures, including adjusting Social Security and Medicare retirement entitlements like the Congress did a generation ago to keep the programs solvent. A bi-partisan approach will again be the key to getting these needed reforms done.

But if American voters are lulled into a false belief that they’re fundamentally changing anything by simply shifting control of Congress from Republicans to Democrats, they are sorely mistaken. What they will be aiding and abetting is even worse partisan warfare and division, and more dangerous political gridlock in Washington.

A Democrat-controlled U.S. House of Representatives may strive mightily to impeach President Trump, but it is likely the GOP will retain control of the U.S. Senate, where no vote to remove the President will succeed. Just think back to the ill-advised GOP effort to impeach Bill Clinton. While a Republican-led House voted to impeach the president on charges of perjury and obstruction of justice, a Republican-led Senate voted not to convict him. If a GOP Senate didn’t remove Bill Clinton from office for these charges, does anyone really believe a GOP Senate would somehow materialize the required 67 votes to remove Donald Trump for similar charges?

So after all the storm and stress of a protracted impeachment battle the country will be right back to square one, facing some very hard choices relating to our future economic prosperity.

If the 2018 Congressional elections come and go with business as usual in Washington, and the 2020 presidential election approaches with no attention to this looming crisis, look for the nation’s economy to begin to feel the inevitable consequences of the inaction. Some future leaders will be compelled to act when the crisis lands full force, but how much better it would be if our leaders woke up now and acted before America faces that storm.

This column was originally published in the Long Island Herald Community Newspapers.

Former Senator D’Amato served a distinguished 18-year career in the U.S. Senate, where he chaired the Senate Banking Committee and was a member of the Senate Appropriations and Finance Committees. While in the Senate, Mr. D’Amato also Chaired of the U.S. Commission on Cooperation and Security in Europe (CSCE), and served on the Senate Intelligence Committee. The former Senator is considered an expert in the legislative and political process, who maintains close relationships with Members of Congress on both sides of the aisle. He is regularly called upon for his advice and counsel, and is recognized for his incisive analysis of national and international political affairs. The former Senator will share insights gained from his years in Washington “with a clear-eyed view of the political forces that shape the world we live in today.” To read more of his reports — Click Here Now.

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As the midterm elections approach, will they simply be a referendum on Donald Trump’s presidency or a more momentous vote affecting America’s future? Will they only postpone the looming financial disaster facing the nation?
elections, trump, unfunded liabilities
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2018-30-17
Friday, 17 August 2018 03:30 PM
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