OPINION
REP. ARRINGTON: America’s Financial Situation Is Dire, But Trump’s Government Efficiency Commission Can Help Fix It
Rep. Jodey Arrington
Contributor
October 23, 2024 2:35 PM ET
Political campaigns often drown out important proposals in favor of flashy headlines and horse-race polling. That’s nothing new. But amid the noise, there is one truly transformative idea that has the potential to reshape the fiscal future of our nation — and it can’t come soon enough.
As Washington barrels toward $36 trillion in debt— equivalent to $271,000 per household and twenty percent larger than our entire economy— our fiscal crisis is no longer looming; it’s here. Our interest payments alone, approaching $1 trillion annually, now surpass what we spend on national defense. And with annual deficits almost $2 trillion, the alarm bells couldn’t be louder.
Since 2019, government spending has increased 52%, 40% of which was during the two years of COVID. Yet, instead of resetting our spending and right-sizing our budget, we’ve carried over hundreds of billions of dollars in COVID-era bloat.
America’s trajectory is unsustainable. But, it’s not unfixable.
President Trump’s Government Efficiency Commission, proposed in September, is exactly the type of disruptive reform Washington needs to reverse the damage and chart a course for restoring our nation’s financial health.
Solving our nation’s fiscal challenges demands a budgetary trifecta – public support, a plan of attack and political courage. Past panels and commissions have brought one or two of these elements to the table. President Trump’s commission addresses all three.
The key is leadership. Recruiting Elon Musk to lead this effort, a brilliant entrepreneur and skilled communicator — who also shares Trump’s business acumen as well as relentless drive for disruptive change — is key to building public support. Musk understands the challenges of communicating complex subjects and the power of social media. This is essential because once Americans grasp the risks associated with unbridled spending and debt, public opinion for bold and lasting solutions will grow.
Trump and Musk can use the Commission to spotlight the potential irreparable fallout from a debt-induced crisis and the urgent need to get ahead of it. Without these changes, America’s standing in the world declines, our competitiveness with China weakens, interest rates could spike, economic growth stalls and the dollar’s status as the world’s reserve currency is jeopardized.
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READ MORE: https://dailycaller.com/2024/10/23/rep-arrington-americas-financial-situation-is-dire-but-trumps-government-efficiency-commission-can-help-fix-it/
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