Isakson Says Federal Deficit Reduction is Achievable
'We’ve got to change the process by which we spend, tax and entitle'
U.S. Sen. Johnny Isakson (R-Ga.) offered solutions to American’s rising federal deficit to an estimated gathering of more than 500 business leaders Monday morning.
Speaking to members of the Cobb County Chamber of Commerce, Isakson, who carried just 26 percent of DeKalb County voters and 41 percent of ballots cast in Fulton County, said the deficit threatened national security.
“The future of our country is in our hands collectively,’’ Isakson said. “We’re at a point on debt and spending that if we don’t correct it, there will be no way to continue this great republic and country.
“At the end of 2010, the debt of the United States of America was 62 percent of the GDP (gross domestic product). In 2020, it will be 87 percent and if we don’t stop spending the way we’re spending now and change our revenue system, it will be 185 percent of the GDP by 2035. There’s not a business person here who doesn’t know that’s unsustainable.’’
Isakson said the four keys to solving America’s debt crisis centered on spending reform, tax code reform, fixing entitlements and changing the process by which the country spends, taxes and entitles.
In the accompanying 17-minute video, Isakson details each key point. While admitting the country is in “deep trouble,’’ the senator concluded that if every citizen “shares the sacrifice,’’ then “we can save the country.’’