Our Current Time for Choosing
Anyone who disagrees with Paul Ryan's Medicare reforms has a moral obligation to propose an alternative.
By JON HUNTSMAN
This year marks the centennial anniversary of Ronald Reagan's birth—and America finds itself at a crossroads that brings to mind the title of that great man's famous speech in support of Barry Goldwater's presidential candidacy: "A Time for Choosing." We should not underestimate the seriousness of the responsibility. This is the moment when we will choose whether we are to become a declining power in the world, or a nation that again surpasses the great achievements of our history.
We are over $14 trillion in debt, $4 trillion more than we owed just two years ago. In 2008, the ratio of public debt to gross domestic product was 40%. Today it's 68%, and we are fast approaching the critical 90% threshold economists warn is unsustainable, causing dramatic spikes in inflation and interest rates, and corresponding declines in GDP and jobs.
Unless we make hard decisions now, in less than a decade every dollar of federal revenue will go to covering the costs of Medicare, Social Security and interest payments on our debt. We'll sink even deeper in debt to pay for everything else, from national security to disaster relief. American families will fall behind the economic security enjoyed by previous generations. Our country will fall behind the productivity of other countries. Our currency will be debased. Our influence in the world will wane. Our security will be more precarious.
Some argue for half-measures, or for delaying the inevitable because the politics are too hard. But delay is a decision to let America decline. The longer we wait, the harder our choices become.
The debt ceiling must be raised this summer to cover the government's massive borrowing, and we must make reductions in government spending a condition for increasing the debt ceiling. This will provide responsible leaders the opportunity to reduce, reform, and in some cases end government programs—including some popular but unaffordable subsidies for agriculture and energy—in order to save the trillions, not billions, necessary to make possible a future as bright as our past. It also means reforming entitlement programs that won't deliver promised benefits to retirees without changes that take account of the inescapable reality that we have too few workers supporting too many retirees.