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Contact: Justin Longo
Phone: 703.994.7104
Email: Justin@independentcenter.org
FOR IMMEDIATE RELEASE
Washington, DC – Historically, Treasury securities have been the world's safest investment. The certainty of being paid back by Uncle Sam has allowed the federal government to borrow cheaply and rapidly increase deficits. However, the title of world’s safest bet may have come to an end, according to research presented at the Kansas City Fed’s annual conference.
Independent Center spokesman and senior policy advisor Jason Pye commented, “At $35 trillion dollars and no sign of slowing down, investors are finally putting US debt on par with any other westernized first world country or big corporation. And rightfully so. Too many in Congress are not interested in having an adult conversation about what is driving our deficits. Instead, they fight over rounding errors in the budget and the culture wars while Medicare and Social Security head toward insolvency.”
“We Millennials, Gen Z, and independent voters are fully aware of the debt albatross that hangs around our necks and the implications of doing nothing about it. We know Social Security and Medicare will be insolvent in about a decade. This is why two-thirds of 18- to 49-year-olds want to modernize these programs. Third rail? How about no rail if nothing changes.”
“I speak for myself and the majority of independent voters when I say this isn’t simply a fiscal issue. It’s a moral issue. It is immoral for Republicans and Democrats to continue to kick the can down the road and saddle the next generations with insurmountable debt. And now with the US bond market in uncharted territory, the ability to paper over our financial house of cards is in jeopardy. We owe it to our kids and grandkids to stop with the blind partisanship and begin working towards a policy consensus to address the clear structural problems to get our fiscal house in order.”