Noting that providing for a common defense is one of six reasons the original colonies came together to form the United States, yet, due to dysfunction and partisan politics, Congress has not been able to come together to properly fund the nation’s foreign policy, Georgia Senator David Perduce delivered a nine minute speech on the Senate floor this afternoon, calling for attention to reduce the nation’s debt load in order to properly address the situation.
“Washington is too often focused on the crisis of the day instead of getting at the true underlying problems and solving them,” Perdue said. “It shouldn’t take a tragedy like this for Washington to pay attention. The latest terror attacks only underscore that we are facing a global security crisis of increasing magnitude. And this is inextricably linked to our own national debt crisis.”
Perdue pointed out that the nation has spent $21.5 trillion over the past six years, and has borrowed $8 trillion of it. “That’s a tragedy of proportion we’ve never seen in America before,” said Perdue. The senator noted that when unfunded liabilities of approximately $100 trillion are added in, the total amounts to about $1 million per American household. And he noted that if interest rates were to rise to the 30 year average of 5.5%, the interest on the debt would amount to over $1 trillion annually, more than twice what is currently spent on national defense.
Listen to the entire speech below: