After a brief email correspondence with Florida State Representative, and candidate for the Republican primary in Florida’s 6th Congressional district, Dr. Fred Costello, one thing was clear: his family’s future is at the forefront of his mind while thinking about government policy.
When asked for a head shot we could use to create a graphic highlighting his signing our Reject the Debt pledge, Dr. Costello sent a picture of him surrounded by grandchildren, accompanied by the words “Although I doubt it “fits”… It might make the point!”
Dan Bongino, a candidate in Florida’s 19th district’s open seat, expressed a similar concern when explaining his rationale for signing, “Debt is a tax. It is a pernicious tax on the prosperity of your children and your grandchildren.”
That “point” Dr. Costello and Mr. Bongino hope to make, is that our national debt will disproportionately burden today’s youth. The Congressional Budget Office (CBO) recently released a revised economic outlook, which cited growth in spending for Social Security, Medicare, and interest payments on our debt will lead to ever-increasing deficits that will leave a lasting impact on our national debt.
Just last year in 2015, SS’s payments to its beneficiaries exceeded its revenues by nine percent. In less than 10 years, this gap will widen to 30 percent. These are signs of an unsustainable system, and we need Congressmen who will commit towards fiscal discipline that will ensure the next generation can bear the fruits of their labor.
In the event of another economic crisis, the CBO expects investors would require higher compensation (higher interest rates) to continue funding government borrowing, which is partially why the CBO expects the interest payments on our debt to triple, in nominal terms, over the next 10 years. And with interest rates today at historically low levels, an increase in rates would lead to interest payments on the national debt consuming a larger piece of the federal budget’s pie, further decreasing any potential for our children to benefit from programs that today’s retirees rely on.
By Rejecting the Debt, these candidates have helped create a more safe, fiscally sound tomorrow for today’s youth.