Trump and Clinton need to show us their plans

One of the biggest challenges the next president will face is our growing national debt. Earlier this month, the nonpartisan Congressional Budget Office issued a report reminding us “Large and growing federal debt over the coming decades will hurt the economy and constrain future budget policy.”

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The report notes that high debt leads to reduced national saving and income, higher interest rates, reduced ability to respond to emergencies and a higher likelihood of fiscal crisis. It projects that in less than 20 years, debt will grow from 75 percent of gross domestic product today to exceed its highest level in history — 106 percent, set shortly after World War II. it would reach 141 percent of GDP by 2046. This is unsustainable, and without a comprehensive plan to stem this growth, workers and businesses will suffer, and we will virtually guarantee a lower standard of living for our children and grandchildren.

That’s why Hillary Clinton and Donald Trump must put forward their plans before the election to address this problem. Tackling our debt goes hand-in-hand with economic growth and job creation, and it’s the president’s duty to lead the country on these fronts.

Debt-driven higher interest rates crowd out public and private investments that grow the economy. By 2027, 100 percent of our federal taxes will go to interest payments on debt and other mandatory spending.

Interest on the debt, at $223 billion, already represents the fastest growing part of the federal budget, and it’s projected to more than triple over the next decade. That money would be better spent by the workers who earned it and businesses who could reinvest it to grow jobs. And the more dollars we spend on interest, the less money we have to invest in highways, bridges, schools, research, technology and national security.

Americans should demand that the candidates tell us what they plan to do about the spiraling debt we face. Our leaders in Washington must tackle our country’s unsustainable debt now, before it’s too late.

This story was originally published August 20, 2016 at 2:58 PM with the headline "Trump and Clinton need to show us their plans."