Yes, it is long past time we get serious about tackling the nation's ever-growing deficits. But the average American family drawn into serious debt cannot just threaten to stiff its creditors. It must cut its spending in the future, but also take responsibility for the debt incurred in the past.
I've got a chart here that shows our debt-to-GDP ratio. And while we did run deficits in the past, we now number our debt in trillions rather than in billions. And I think that represents a long-term danger, especially to the, the American dream.
To look at long term trends in our economy, in our society, in the international sphere and using my best judgment, shape policies that will serve the American people, keep them safe, keep our economy growing, put people back to work.
We can't just cut our way to prosperity. Even as we look for ways to reduce deficits over the long term, we must grow the economy in a way that strengthens the middle class and everyone willing to work hard to get into it.
We have a media that goes along with the government by parroting phrases intended to provoke a certain emotional response - for example, "national security." Everyone says "national security" to the point that we now must use the term "national security." But it is not national security that they're concerned with; it is state security. And that's a key distinction.
During the 2016 presidential campaign, candidate Donald Trump pledged to eliminate our national debt 'over a period of eight years.' Now two years into his administration, our national debt has increased, surpassing $21 trillion for the first time in American history.
Do not compromise on national security for purely budgetary reasons. The world is dangerous, and we must always be prepared for anything that might threaten our national interests and security.
Whatever long-term advantages are claimed for Brexit it is overwhelmingly clear that in the short to medium term it carries risks to our economy and security.
We cannot win the future, expand the economy and spur job creation if we are saddled with increasingly growing deficits. That is why the president's budget is a comprehensive and responsible plan that will put us on a path toward fiscal sustainability in the next few years - a down payment toward tackling our challenges in the long term.
A comprehensive national energy policy is critical to our nation's economy and our national security. Energy expenditures account for about 7% percent of our total economy and influence pricing in the much of the rest of the economy.
There is a lot of fiscal conservatives in the United States senate that didn't vote for that because we understand that national security spending is not the reason why we have a debt. Our debt is being driven by the way Social Security, Medicare, and Medicaid and, by the way, the interest on the debt is structured in the years to come.
I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
Near-term deficits are temporary and manageable if - and only if - we keep spending in check, the tax burden low and the economy growing.
We have to reduce the burden placed on our economy by years of deficits and debt.
Over the long term, the only way we're going to raise wages, grow the economy, and improve American competitiveness is by investing in our people - especially their educations.
Our true choice is not between tax reduction on the one hand and the avoidance of large federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget, just as it will never produce enough jobs or enough profits.