WASHINGTON, D.C. – In case you missed it, Senator Rick Scott wrote an op-ed for Fox Business on how Congress must reject the failed ideas of Democrats’ socialist agenda, including their reckless $5.5 trillion liberal wish list, that will lead to dire economic consequences and the death of American credit. Senator Scott is fighting for real reform like his Federal Debt Emergency Control Act and the Full Faith and Credit Act to rein in Washington’s spending and help the nation reverse course, rebuild its accountability to the American people and secure a stronger and more certain tomorrow for our children and grandchildren.
In the op-ed, Senator Rick Scott wrote, “For more than half a century, the United States has enjoyed the power of being a global financial superpower and the dollar being held as the world’s reserve currency. But reckless government spending and gross mismanagement of federal debt threatens the eminent financial standing of our republic.
Today, the United States’ federal debt is nearly $29 trillion and barreling closer to $30 trillion every day. With interest rates at historic lows, the U.S. pays almost $350 billion each year in interest on our debt. That’s $350 billion that provides zero return for taxpayers.
Fast forward to 2031. The federal debt has climbed to more than $45 trillion and interest rates have returned to the 50-year average of 6.2%. Under this terrifying but very possible scenario, the annual interest owed on federal debt would grow to $2.8 trillion. This is where things begin to unravel.
If we allow our nation to get anywhere near this point, we will see a full meltdown of American financial security and credit. Unsustainable government spending would fuel a devastating inflation crisis that would crush working families and severely devalue the dollar. America would soon be unable to pay its bills, critical government programs would face brutal cuts or be entirely eliminated and the U.S. would be forced to default on its debt.
This is what would happen if Democrats got their way by passing a reckless $5.5 trillion tax and spending spree.
The American people are smart. They will never vote for politicians that will raise their taxes enough to bailout Congress from its decades of reckless spending and dysfunction – and they shouldn’t.
So, it must be said, under total Democrat control in Washington, Americans at and nearing retirement beware. The Democrats’ insane debt growth will have disastrous effects on once safe investments, like long-term treasuries. That’s the consequence of Democrat control.
While my Republican colleagues and I have taken a stand against raising the debt ceiling without more measures of fiscal responsibility, Congress must pass substantial reform and commit to a true shift in priorities to avoid the coming death of American credit and secure a strong and stable financial future for our nation.
It can be done. I know because I led similar efforts to restore financial stability to my state when I was Governor of Florida. Over eight years, we paid down a third of the state debt, cut taxes 100 times, slashed 5,000 burdensome regulations and saw Florida business boom creating more than 1.7 million new jobs. The Democrats said the sky was falling. It wasn’t. Our playbook worked in Florida and it will work across the nation.”
Read the full op-ed in Fox Business HERE.