Four weeks out from Election Day, Concord Action Executive Director Carolyn Bourdeaux noted that Americans are increasingly anxious about a national debt soaring above $40 trillion, higher borrowing costs and the future of Social Security, which is expected to be insolvent by 2032.
Since launching last year, Concord Action has grown by more than 205,000 advocates and submitted more than 509,000 letters to members of Congress demanding action to get the budget under control, fix Social Security, and tackle the looming fiscal crisis.
“These aren’t abstract Washington issues. People feel the impact of higher interest rates when they borrow money to buy a home or a car, and they are increasingly concerned about whether Social Security will be there for them,” Bourdeaux said. “They’re also frustrated that members of Congress haven’t been doing their jobs – passing fiscally responsible budgets on time. One of the most popular bills in our policy agenda is No Budget No Pay.”
“More than half a million letters to Congress from our citizen advocates show that Americans are paying attention. Also, in recent months at Concord, we have been traveling the country talking to people in all walks of life, from students on college campuses, to retirees, to local Rotary and Kiwanis, to Chambers of Commerce. Everyone knows the $40 trillion number. They are all worried. And they are looking for leadership. They want to know how the people they send to Washington plan to address affordability, the national debt and the future of Social Security.”
The latest U.S. Treasury data underscore the pressure. The 10-year Treasury yield, which is directly connected to other borrowing costs like mortgages, reached the highest levels we’ve seen in nearly a quarter century. These yields are reflected in higher interest rates for car loans, 30-year mortgages topping 7%, and the U.S. paying more for interest on the debt than national defense.
Polling data also supports this rising concern with the Peterson Fiscal Confidence Index nearing all time lows and 83% of American’s stating that their concern about the national debt has increased in the past few years.
Another Peter G. Peterson Foundation survey of registered voters in Georgia, Michigan, North Carolina, Ohio and Texas found that 85 percent said it is more important than ever for lawmakers to fix Social Security because the cost of living is already high and rising.
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