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Sen. James Lankford: US Must Address 'Unsustainable and Exploding' National Debt

Sen. James Lankford: US Must Address 'Unsustainable and Exploding' National Debt

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By    |   Friday, 25 November 2016 02:31 PM

Sen. James Lankford called on lawmakers to address the national debt, saying that, “One thing did not change on Tuesday, Nov. 8th—our unsustainable and exploding nearly $20 trillion national debt.”

The Oklahoma Republican, writing in The Washington Post, said the federal debt increased $587 billion fiscal year 2016, and said that in a few years, the U.S. will spend more in interest payments than on national defense.

The national debt will rise above $20 trillion early in 2017, according to a Washington think tank.

Lankford said the election showed that Americans are ready to address long-standing issues, and focusing on the debt is vital to creating “lasting economic health” for the American economy.

Deficit spending did not work, according to Lankford, who said, “If deficit spending were the key to economic growth, President Obama would have overseen the most prosperous economy in American history. Instead, his presidency will go down as the only one in a century without a single year of at least three percent annual economic growth.”

Infrastructure improvements and tax reform are important, Lankford said, but reducing the debt will help the private sector improve economic growth.

Continuing to pay interest on the national debt is like stealing from the next generation. “Deficit reduction and economic growth are not mutually exclusive,” according to Lankford.

During a CNBC interview, former Pennsylvania Gov. Ed Rendell also addressed the need to reduce the national debt.

However, the Democrat said that President-elect Donald Trump’s plans would “explode the debt by $5 trillion in the first 10 years.”

Former New Hampshire Sen. Judd Gregg, Rendell’s co-chairman at the Campaign to Fix the Debt, said there were ways for Trump to reduce the national debt while also pursuing his policy agenda.

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Sen. James Lankford called on lawmakers to address the national debt, saying that, "One thing did not change on Tuesday, Nov. 8th-our unsustainable and exploding nearly $20 trillion national debt." The Oklahoma Republican, writing in The Washington Post, said the federal...
landford, national, debt
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2016-31-25
Friday, 25 November 2016 02:31 PM
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