In 2012, real solutions needed to combat the national debt

Last year, we saw political partisanship and gridlock paralyze our nation’s capital. As President Obama prepares to deliver his annual address to Congress, how much time will be spent discussing real solutions to the country’s financial woes?

Federal debt just topped an astounding $15 trillion, which means it amounts to more than 62 percent of the American economy. Erskine Bowles, Chairman of National Commission on Fiscal Responsibility and Reform, once said, “This debt is like a cancer. It is truly going to destroy the country from within.” And to be sure, the conversation about our national debt is as much about future generations as it is about the present. Life in America as we know it is in jeopardy.

This is not some alarmist perspective. One need only to turn on the television or read the newspaper to see what is happening in Greece, Italy, Portugal and Spain to realize that strong, decisive action is necessary to prevent a massive financial crisis in our country. In fact, such action is long overdue.

But the issue of America’s rising deficit does not have to be a partisan one. Our leaders simply need to commit to enacting brave, bold and lasting solutions. And even during a contentious election year, that means enacting genuine reforms that will solve our economic problems and reduce the national debt for the long haul.

We have to tackle the debt in a way that prevents our country from going through this same impasse in a few short years and then a few years after that, and so on. The “super committee” was tasked with reducing the deficit by $1.2 trillion over the next decade. While an admirable goal, that would have been a drop in the bucket compared to what must be accomplished to achieve long-term, secure relief.

To truly have lasting effects, we need to reduce the deficit over the next decade by $4 trillion or more. And while this may seem a heavy lift, it can be accomplished by reforming entitlement programs to slow spending and by reforming our tax code to generate more revenue. Congress should also stop deficit spending by adopting rules that commit to “pay-as-you-go.”

If we approach this problem pragmatically, and comprehensively, the national debt will be stabilized. And we will have a stronger economy, not just in this decade but for decades to come.

This approach would stop the continuous and frightening attacks aimed at Social Security, Medicare and Medicaid, leaving our children and grandchildren a fiscally sound future, full of jobs, investment and the American dream.

Tonight, President Obama will lay out his legislative objectives for the year in his State of the Union address – and I hope that America’s finances will take center stage.

We do not have to accept inaction or a Band-Aid approach to this mammoth problem. Only if we work together – and encourage our elected officials to do the same – will our country begin moving forward.

Martin "Marty" Russo represented Illinois in the U.S. House of Representatives from 1975-1993 and is a member of the Coalition for a Fiscally Sound America steering committee.

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