Rising Debt destroys US Leadership and credibility – it’s a threat multiplier

But our growing national debt threatens America’s leadership  —  our ability to adequately achieve our global objectives and protect our national interest. Unsustainable fiscal deficits restrict and weaken our hand when dealing with virtually every one of the serious global challenges we face.

The fact is, our nation’s fiscal health and our national security are inextricably intertwined, and we cannot wait to take action against this growing threat. We need to act now.

Adm. Mike Mullen, who served as chairman of the Joint Chiefs of Staff to Presidents George W. Bush and Barack Obama, repeatedly warned about the threat of our national debt while he served as our nation’s top military adviser. In 2010 he went as far as saying, “the most significant threat to our national security is our debt,” and he continues to sound the alarm on this issue. We agree with him.

Growing our economy and promoting sustainable fiscal policies will ensure America remains in a strong position to lead the world during the challenges of the 21st century. Our ballooning debt and persistent deficit distracts from our ability to lead, pulls resources from critical investments, and undercuts our perceived power abroad.

At this moment, our national debt is at its largest share of the economy (77 percent) since the aftermath of World War II. The path ahead looks treacherous if we do not change our priorities. On the current path, the debt will grow to 91 percent of GDP in just 10 years, and then to 150 percent of GDP by 2047.

Our global leadership depends on three critical aspects: robust investment in defense, a strong commitment to diplomacy, and an effective implementation of development projects around the world. But our growing debt means more and more of our resources will be diverted from these critical national investments. Rather than supporting our military, diplomats, and development officers, our money will be spent servicing that debt.

At the same time, this debt means we will be in a worse position to invest in the next generation of Americans through education, skills training, and infrastructure. It is our children and grandchildren who will pay the consequences of our fiscal recklessness, and if we don‘t turn from our current path, we risk setting them up for failure.