Friday, December 6, 2013
Spending on Medicare, Medicaid, and Social Security consumes approximately 43% of every federal tax dollar. The growth of these popular health care and retirement programs is the primary cause of the nation’s huge annual budget deficits, $17 trillion mountain of public debt, and rising taxes. This fiscal crisis is dampening business investment and job creation. Today, roughly 25 million Americans are looking for jobs or are working part-time.
The chart below shows the projected spending on each program over the next 10 years. The dramatic spending growth swamps expected inflation and our country’s population increase over the decade.
The longer the career politicians in Washington wait to save these critically important programs, the bigger the problems get and the more painful the solutions become. America’s fiscal and job crises cannot be solved without reforming these three enormous programs. Saving Medicare, Medicaid, and Social Security will encourage the business owners to further invest in and grow their companies, generating badly needed jobs for our struggling fellow Americans.
The solutions are well known as how to save these programs for today’s seniors and to preserve them for future generations. Let’s hold our elected officials accountable for making the difficult decisions and not allow them to continue to kick this fiscal can down the street. Doing what’s right is more important than doing what might lead to re-election.
Bruce Poliquin is the former Maine State Treasurer and a 2012 Republican primary candidate for the United States Senate. He has 35 years of experience owning and managing businesses. Bruce is a proud third-generation Franco-American Mainer and Harvard University graduate. Visit BrucePoliquin.net for his most recent commentary and analysis on media outlets throughout the State about the important issues facing Maine families and their jobs.