Fix The Debt

Graduation time is upon us. While graduates should be concentrating on pursuing their interests, many are concerned about interest pursuing them, namely the interest on their student loans. Student loan interest rates will double in July and things could get worse down the road because of the inability of policymakers to address the long-term national debt.

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Debt deficit generational equity graduates graduation interest national debt

The House and Senate both passed budgets for the coming fiscal year, which is a promising sign for fiscal responsibility. Also encouraging is that they both share the goal of bringing down the debt as a share of the economy, at least in the shorter run. However, the budgets are far apart in how they would achieve deficit savings and formal talks to bridge those differences have yet to begin. Lawmakers need to seriously begin discussions now on setting a sound financial course for the country.

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Sen. Max Baucus (D-MT) and Rep. Dave Camp (R-MI), the chairs of the two congressional tax-writing committees, have been working closely together for over a year to garner support for a major re-write of the tax code in Congress. Now they are taking their crusade to the masses through social media.

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With neither side willing to compromise enough to address the national debt, some are threatening to put off efforts to achieve a comprehensive plan until another debt crisis is upon us or even later when they feel they will have a stronger hand. This would be a mistake. Despite promising results in the near term, the long-term debt has not been adequately addressed.

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It’s easy to give up on policymakers ever coming together to agree on a comprehensive plan that fixes the debt over the long run. However, efforts are still underway that could produce a breakthrough, but the window of opportunity is likely diminishing.

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