National forum series weighs options for restoring country's economy
The United States’ staggering current debt — $14.98 trillion — prompted about 25 everyday citizens to discuss ways of quelling the issue Thursday night at the South Carolina Political Collections Seminar Room in the Thomas Cooper Library.
“The national debt is trillions of dollars, and it’s growing,” said Herb Hartsook, director of South Carolina Political Collections. “Just the interest of the national debt could be crushing.”
That’s why the National Issues Forums and the Kettering Foundation are holding open-ended talks such as this one around the country this fall in order to get the public talking about what they would like the government to do, Hartsook said.
Three options were laid out on the table for participants — whether Republican or Democrat — to discuss.
The first option called for people to make sacrifices. Federal, state and local governments would increase tax rates for everyone for example. Conservative outlets such as the Tea Party tend to avoid tax increases.
The proposal also called for Congress to reduce defense spending, an option Defense Secretary Leon Panetta isn’t keen on. Still, some participants noted that the U.S. has the largest defense budget in the world and that portions of the money could be reallocated toward social needs such as education.
Strengthening checks and balances was the second option. Examples included passing a balanced-budget amendment to the Constitution or having all public officials pledge to spend only what the government can afford.
The final option was growth investment. The federal government could boost the economy through increased spending or stimulus packages — tactics applied by the President Barack Obama’s administration. Attendees floated through many topics that affect or are affected by the steadily climbing debt. China’s rising global status, Social Security, defense budget cuts and local politicians not listening to the public were just some of the subjects covered.
At the talk’s conclusion, some participants preferred a combination of the three options to solve the national debt rather than just settling on one.
Tom Howell of Columbia said that elements from all of the options and a bit more research would be needed to fix the problem.
He was also concerned about too much privatization of government functions, such as privatized military companies.
“My brother’s a Vietnam vet, and he’s sort of shocked at how many private contractors are doing things that used to be done by the military,” Howell said. “I wonder about the cost of that.”
Hartsook said there would be more forums held within the next 16 months. The next one will be on money in politics Jan. 23.