Issue Position: Debt Reduction

Issue Position

Bill Clinton was president the last time the federal budget was balanced. It's no coincidence that Clinton was also president the last time America experienced strong sustained economic growth. One of the central lessons from the Clinton years is that a prosperous economy is the principle avenue for deficit reduction. In other words, our deficit reduction strategy must be integrally linked to our economic recovery plan. When Clinton took office, ten million Americans were unemployed and the country faced record deficits. The Clinton administration's economic strategy was a balanced approach that included equal parts fiscal discipline, investing in people through education, and training, and opening new markets.

That's why the current Republican approach to deficit reduction -- epitomized by the Ryan Plan (and supported by Todd Young) -- does not deliver on its promise. The Ryan Plan would lower tax rates for the wealthy and for corporations, while slashing investments in education and job training, ending Medicare as we know it, and shredding the safety net for the poor. Rather than placing the burden of deficit reduction on the backs of the middle class, I propose a more prudent path. I support a balanced approach that makes economic recovery a key piece of deficit reduction. I support investments in our infrastructure that include transportation, education resources, and broadband technology expansions. Such investments lead to more jobs. Job creation will mean a smaller deficit as a broader tax base increases revenues. We must also continue to comb government spending to eliminate wasteful and obsolete spending programs.

We must also put an end to the "perpetual war" mentality around the world. A complete end to wars in Iraq and Afghanistan will substantially reduce our defense spending abroad and save American lives. We can reduce defense spending not only by bringing our troops home, but also by reducing unnecessary Pentagon spending. The United States spends more on defense budgets now than at any time during the Cold War. Just as we are asking of all government spending, the Pentagon needs to tighten its belt and be able to truly justify expenditures. There are weapons, aircraft, and missile systems that can be scaled back or retired. Aggressive diplomacy can solve many problems better than an arms build-up we no longer need nor can afford. Bring the brave troops home, and bring the budget home to rebuild America.

Finally, I support many, although not all, of the proposals in President Obama's deficit reduction plan. We must continue to scour government spending to eliminate wasteful and obsolete programs, and we must do it now.

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