Our debt is growing so fast that we will soon be bankrupt if we don’t change what we are doing. We have simply got to figure out how to fix the debt. I am Jack Heidel, a retired UNO math professor and not looking for a new career. I am confident that I can make a difference in one six year term in the U.S. Senate. Please vote for me on May 15 in the Republican Primary.
This is the text of a TV commercial which begins running this weekend in the Omaha and Lincoln areas. It attempts to summarize in one short statement what I have been saying for a long time:
Our debt (the public part on which we pay interest) is now 78% of GDP and predicted by the Congressional Budget Office to reach almost 100% in the next ten years. Annual deficits are growing rapidly and will be back to almost $1 trillion by next year.
The incumbent Deb Fischer is totally ignoring the debt and has actually voted twice recently to make it worse than it already is. The new tax law, for all of its good individual features, will increase the debt by $1 trillion over ten years, even after new growth is taken into account. The new two year budget, also voted for by Fischer, increases the debt by another $1 trillion.
Fixing the debt doesn’t mean paying it off but rather shrinking annual deficits way down so that they are less than the rate of growth of GDP. Then the debt will begin to shrink as a percentage of GDP just as it did after WWII.
Entitlement reform and, in particular, the high cost of American healthcare, is the only practical way to deal with the debt problem. All of us, as healthcare consumers, must have more personal responsibility for holding down the cost of our own healthcare.
Conclusion. I am so alarmed by our enormous and out-of-control debt that I am challenging an incumbent U.S. Senator in a primary election. If you live in Nebraska I would appreciate your support!
From a reader of my blog: Jack is the voice almost in the wilderness trying to warn us that we are deficit spending and borrowing ourselves into being Greece or even, eventually, Venezuela. He is a principled politician, almost an oxymoron today. I could go out and max out my three credit cards, around $24,000, on a big lavish trip somewhere. But I know better, because my credit would be shot and I would go bankrupt and end up living like a pauper. Maxing out our credit is what we are doing as a nation and there are severe consequences for that kind of irresponsibility.
I am a candidate in the May 15 Nebraska Republican Primary for U.S. Senate because the incumbent, Deb Fischer, is ignoring our enormous and out-of-control national debt. In fact, she has voted twice recently to make it much worse than it already is.
The question I am often asked is: “I agree with you about the debt and deficit spending but how do I know that you’ll be any better than all the other people who go to Washington and end up joining the establishment instead of opposing it, once they get there?”
Here is my answer:
I am a non-ideological fiscal conservative and have been writing about the debt and related issues consistently for several years on my blog “It Does Not Add Up.”
I am also a social moderate who is willing to take stands at odds with Republican orthodoxy such as endorsing a ban on the purchase of assault weapons as being the most effective way of curtailing mass shootings.
I am a retired UNO math professor and am not looking for a new career. If elected, I would focus on deficit and debt reduction from my first day on the job. It is unlikely that I would run for a second six year term.
Conclusion. I am confident that I will do what I say but how do I persuade the voters that I have the courage of my convictions?
Most of my readers know that I am a candidate in the May 15 Nebraska Republican Primary for the U.S. Senate, against the incumbent Deb Fischer because she is ignoring our enormous and out-of-control national debt. In fact she has recently voted twice, for the new tax law and new budget, to increase our annual deficits by hundreds of billions of dollars per year.
The only way to “fix the debt” is to begin shrinking our annual deficits. She is moving us in exactly the wrong direction that we need to go.
My last two posts, here and here, explain why our debt is so scary: we risk losing our status as the world’s leading economic power and, furthermore, a new crisis could occur much sooner than many people expect.
Unfortunately for the future of our economy, the new tax law is gaining support amongst the American population, with approval having now reached 50% and disapproval having sunk to 45%. Yes, the new tax law will increase economic growth in the next two years before the extra stimulus fades away. But the additional debt will greatly hurt our economy in the long run.
Conclusion. The national Republican leadership has sold the American people a bill of goods. At a time when economic growth is already picking up speed, the Republican Congress has stepped on the gas to yield an additional short term stimulus at the great risk of long term harm. This is highly irresponsible a endangers the Republican Party’s reputation for fiscal responsibility.
Deficit hawks need to make the national debt seem like something scary that will personally affect people. As of now, most Americans find it boring and unrelatable because they don’t perceptibly feel its effects in their daily lives. How does it affect the John Q. Public GOP voter who is not so keen on immigrants, has a mortgage, loves the military, and despises abortion until his daughter gets knocked up in her mid-teens? John Q. Public doesn’t fully grasp that an out of control debt will cause the market to raise interest rates unilaterally leading to serious inflation in USD terms.
This will clearly dislodge the USD as the world’s reserve currency, opening the door for either the Chinese Yuan or Bitcoin to become the world’s new reserve currency. So, when the US debt bubble bursts, John Q. Public will basically be working in a factory for the equivalent of 6000 current USD per year, and I don’t think John Q. Public grasps this reality. Maybe John will croak before this comes to pass, but John Q. Public II will pay the price toiling away here in the heartland to make iGadgets for the Chinese middle class.
I am a candidate in the May 15 Nebraska Republican Primary for U.S. Senate because the incumbent, Deb Fischer, is doing nothing to reduce our enormous and out-of-control national debt. In fact she is consistently voting to make it worse! My challenge is to convince enough voters that our debt really is an extremely serious problem.
Conclusion. Eventually our huge and rapidly growing debt will catch up with us and we will have a fiscal crisis much worse than the Financial Crisis of 2008. We don’t know when this will happen but the longer we ignore the problem, the more inevitable it becomes that it will end up very painfully.