Uploaded by KRWGnews on Sep 1, 2011. 9.2.11 (LAS CRUCES) – Day two of the Domenici Public Policy Conference at the Las Cruces Convention Center kicked of with a discussion about the U.S. National Debt. KRWG’s Jared Andersen has this report.
Former Senator Pete Domenici and Former White House Budget Director Alice Rivlin discussed the U.S. debt in front of a full audience at the Domenici Public Policy Conference.
According the U.S. Treasury the national debt is about 14 trillion dollars. Alice Rivlin, who President Obama named to the Commission on Fiscal Responsibility and Reform, says the debt is a very serious problem. She says the U.S. debt is currently increasing at a faster rate than the economy is growing.
Rivlin suggest the U.S. must slow the rate of Medicare and Medicaid growth, reform the tax code, reform entitlements and appropriations, and increase taxes.
She also says it’s critical for the U.S. to act now, and that Republican’s and Democrat’s must work together to cut spending and increase revenues.
Alice Rivlen explains, “The country is very divided and not very well informed about what the problem really is. When you sit down with people and explain it, and say here is the problem we have this rising debt in the future, which is because we’re getting older have expensive medical care, we have to figure out what to do about that. And we can do it by spending less or taxing more, or some combination, most people come out with a combination. Now, our political leaders haven’t quite gotten that message yet, or they certainly hadn’t in the debt ceiling debate, but I’m hopeful that they will because it’s a very serious situation and we’ve had signals from the markets and from other countries that we must solve the problem. But it’s two problems it’s the problem of reducing the debt in the future and creating more jobs in the near term so our economy will grow faster.”