In a few days I expect to announce my candidacy for the Republican nomination for the U.S. Senate seat now held by Deb Fischer. She is running for reelection and apparently is quite popular in Nebraska. But she has one huge liability as far as I’m concerned. First of all, she is a big spender. But now as well she has just voted for the new tax law which will increase our debt by $1 trillion over the next decade. In other words she is flagrantly guilty of ignoring our very serious debt problem even as it continues to get worse.
People sometimes ask me why I am so fixated on the debt. After all, there are plenty of other important issues that we should be concerned about. The answer is that uncontrolled debt affects almost everything else government does because as interest rates increase, eventually interest payments on the debt will skyrocket.
- Defense spending, so critical to our role as the world’s major superpower, which maintains peace and stability in the world, will be threatened.
- Run-away inflation is likely to result from the buildup of the debt bubble and this will erode the economic security which is so important to our way of life.
- The international standing of the dollar, so critical to our leadership role in the financial world, will be weakened.
- Spending for programs such as education, research and infrastructure, so important to our quality of life, will be threatened.
- By focusing so strongly on the debt issue, hopefully I will be able to persuade large numbers of people that I am really serious about taking strong action to address it effectively.
Conclusion. There are lots of issues which will come up on the campaign trail in a Senate race. But my campaign will be focused on our gigantic debt problem. If we can’t get our debt under control, then our entire way of life is threatened. It is that simple.