Utah economy

Debt and deficit task force recommendations released – Cache Valley Daily

U.S. Rep. Blake Moore (R-Dist. 1) released recommendations from a debt and deficit task force to curb runaway federal spending.

OGDEN – A debt and deficit task force has released its 2022 recommendations on how to deal with the country’s growing financial crisis.

“I am deeply concerned about our country’s debt and deficit crisis,” said U.S. Rep. Blake Moore (R-Dist. 1), who organized the task force. “I want to use my role in Congress to improve our national fiscal outlook for the next generation.”

The task force is made up of industry leaders from Utah’s first congressional district.

“They offer a wide range of experiences to bring Utah values ​​and principles to the conversation about how we can reverse our national debt crisis,” according to Moore.

Members of the Debt and Deficit Task Force include John Boyer, President of the JE Boyer Society; Gordon Larsen, senior adviser for federal affairs in the office of Governor Spencer J. Cox; Utah economist Natalie Gochnour; Kerry Wahlen, president of the Goldenwest Credit Union; Chip Nelson, former president of Woodside Homes; Pat Condon, former commander of Ogden Air Logistics Center; physician Dr. J. David Schmitz; Greg Poulsen, Chief Strategy Officer, Intermountain Healthcare; attorney Blake Wade; and Richard Hendrickson, president of Lifetime Products.

At the start of 2022, Moore said, the gross national debt of the United States exceeded $30 trillion. Ten years ago, that figure was $15.2 trillion.

Our debt has doubled in the past 10 years, while gross domestic product has grown only 50% to $23 trillion.

“Without correction,” he added, “our nation will be ill-equipped to meet the next domestic challenge or foreign conflict.

“It will be less likely to repay its debt and its risk of default is significantly higher, jeopardizing the US dollar’s global reserve status…Inflation last year rose more in a single year than over any 12 month period since 1982.

At the gas pump and the grocery store, hardworking American families grapple with unprecedented prices“, concluded Moore.

The task force’s recommendations for 2022 focus on growing the economy; save and strengthen vital programs, including health care and social security; concentrate America’s spending; and, setting the Congressional budget process.

The American economy is far from a picture of health. Task force members say we should have higher labor force participation and get our inflation under control.

We must defend ourselves against proposals from Democrats that would only cripple our economy, they say. If President Joe Biden’s “Build Back Better” program and his fiscal year 2023 budget proposal were signed into law, our country would have the highest corporate and personal tax rates in the developed world.

The task force believes that we need to ensure that we incentivize individuals to join or rejoin the labor market by avoiding misguided unemployment benefits and unnecessary subsidies. By working to reverse these trends, the task force says we can increase gross domestic product, increase federal revenues, and improve our debt-to-GDP ratio.

The D&D Task Force also supports tax cuts for individuals, families and small businesses; legislation that prevents the executive branch from banning power generation on federal lands; and Moore’s efforts to ensure the Home Office doesn’t drag its feet on approving drilling permits so household power can be unleashed.

In 1970, according to the task force, mandatory spending constituted 31% of the entire federal budget. In 2022, it should cover a frightening 65%.

Medicare spending rose 3.5% in 2020 to $829.5 billion and Medicaid spending rose 9.2% to $671.2 billion. As things stand, doctors and nurses spend much of their days billing for paperwork rather than caring for those who need it.

The task force said we need to take steps to streamline this billing process.

Social Security administrators report that funding reserves will be exhausted by 2033.

Task force members say raising already high social security taxes will only increase uncertainty and the intergenerational redistribution of wealth without increasing growth.

Instead, they say, we could strengthen the program by adjusting the age of eligibility and linking cost-of-living adjustments to inflation indices.

Congress is addicted to spending. After authorizing about $4.5 trillion in response to the pandemic, Democrats still proposed spending up to $3.5 trillion more on the aborted “Build Back Better” program.

Task force members endorse the findings of the Republican Review Committee identifying a slew of potential federal programs to be capped or eliminated and other improvements to limit discretionary spending.

Congress has clearly never had to reevaluate its budget process. Instead of promoting success, our system promotes disorder.

Rather than creating an arbitrary debt ceiling, the task force recommends, we should tie our ability to spend to the economic health of our country.

This would encourage us to prioritize our economic health when we budget and help reduce our dependence on spending.

The full text of the Debt and Deficit Task Force recommendations is available at -task-forces-2022 .

“I look forward to sharing these recommendations with my colleagues in Washington,” Moore said, “as we push for reforms in our federal spending processes to we can balance America’s checkbook and get back on a fiscally sustainable path.”

The task force recommendations were released April 22, a day before the GOP nominating convention where state delegates appeared to give Moore a vote of no confidence.

After three ballots, former civilian intelligence officer Andrew Badger narrowly missed the nomination with 59.2% of the vote cast to Moore’s 40.7%.

Moore will now face Badger and former Morgan County Commissioner Tina Cannon in the June 28 Republican primary ballot.

Cannon had already secured a spot on the primary ballot by collecting voter signatures.

Mary Cashion

The author Mary Cashion