Maya MacGuineas, president of the Committee for a Responsible Federal Budget, and Mr. Sandy Cutler, chairman and CEO of Eaton Corp., wrote a commentary that appeared on cleveland.com. Cutler also serves as a co-chair of the 2016 Republican National Convention and as a member of the Campaign to Fix the Debt CEO Fiscal Leadership Council. The column is reposted here.
The 2016 presidential primary debate season is upon us, and on Thursday, Republicans will kick things off with their first debate in Cleveland. As the horse race continues, with GOP presidential hopefuls jockeying to be among the 10 selected debate participants, it is important that Ohio and the rest of the country not lose sight of one of the more important issues that should be discussed in the debate: the national debt.
This country's large and growing debt continues to hang like an albatross around the neck of the economy, making it difficult for the country to undergo a sustained recovery. Under current law, the federal debt held by the public is $13 trillion — 74 percent of GDP — or about $105,000 per household. And if nothing is done to change course, the debt will exceed the size of the entire economy in the next 25 years — perhaps even sooner.
Along with excessively high levels of debt will come slower income growth; fewer jobs; and rising interest rates on mortgages, student loans, and credit card payments; and there will be no room for important public investments. And record-high debt levels make it much harder to weather an economic crisis when one next comes along.