Rain on the parade?

Recent actions by the current administration leave me concerned about the future of the United States. Whether it's abdication on climate change (some people now are reportedly avoiding having children for fear of leaving them an unforgiving planet), passage of a tax reform bill that will dramatically reduce receipts to the government, or the increasing reliance on Treasury bonds to finance a mounting national debt, our nation is on an unsustainable path.

Let's consider for the moment the last point. Eventually, rising federal interest costs will crowd out programs that help ensure our future, including education, transportation and other physical infrastructure, research and development, and national security. As shown in the graphic, interest costs by the middle of the century are projected to be twice the amount of historical spending on research and development, education and infrastructure. Increased federal borrowing will also elbow out private investments that promote growth. And, sadly, federal programs that protect many vulnerable Americans could face sudden reductions if we don’t have a sustainable fiscal outlook.

With these rain clouds on our horizon, there is still positive news: this problem is solvable. We can choose a better path of of stabilized debt, faster economic growth, broader prosperity, and enhanced economic opportunity and mobility. We just need leadership that is up to the task. I have three suggestions for anyone wishing to act: first, become informed. Check out the website of the Peter G. Peterson Foundation for unvarnished facts and perspectives on this issue. Second, challenge your current congressional delegation on their actions if they do not support a positive way forward. Finally, become actively involved as a concerned voter when elections are held. We must hold our elected officials accountable for the future of our country. To do less would be to ignore the warning clouds ahead.