[Congressional Record (Bound Edition), Volume 156 (2010), Part 15]
[Senate]
[Page 22372]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      ADDRESSING THE NATIONAL DEBT

 Mr. SANDERS. Mr. President, today I wish to introduce to you 
one of my constituents, Lawrence ``Rip'' Kirby of Rutland, VT, who has 
written to me outlining his ideas on how Congress can and should 
address our $13.8 trillion national debt in a fair and sensible way. I 
am pleased the citizens of Vermont are engaged on this issue, which is 
of critical importance to not only our State, but indeed the Nation. 
The decisions that we make on the Senate floor today will impact 
generations of Americans to come. That is why I would like to share 
with you what Mr. Kirby wrote:

       To reduce the deficit and accumulated debt we must 
     understand their root causes and history:
       Short-term problem: The near-collapse of the economy was 
     arrested by means of deficit spending, including corporate 
     bailouts, extended unemployment benefits, and stimulus 
     initiatives. While arguably necessary to stave off an even 
     worse catastrophe, these measures have added to the deficit 
     and the debt.
       Solution(s): Our emphasis should not be on recovery of sunk 
     costs but on prevention of future disasters. Break up ``too 
     large to fail'' businesses through anti-trust laws. Regulate 
     imprudent, secretive, or unfathomable financial arrangements 
     like derivatives. Increase regulated safety margins like 
     reserve requirements for banks and loan limits based on 
     borrower credit ratings. Eliminate conflicts of interest like 
     permitting bond rating agencies to have a financial stake in 
     the companies they rate.
       Medium-term problem: Our wars overseas have been funded by 
     massive deficits with no real strategy for repayment. The 
     unexpected length and intractability of these conflicts 
     exacerbates the problem.
       Solution(s): Stop the financial bleeding and provide a 
     financial transfusion. To stop the bleeding we must get out 
     of these conflicts within a short time (two years at most). 
     Continue intelligence-gathering and maintain air power, but 
     get the boots off the ground. To provide a transfusion, enact 
     a temporary and progressive ``war surtax'' with a sunset 
     provision.
       Long-term problem: Entitlement spending (Medicare, Social 
     Security, etc.) has exceeded its funding as America's 
     longevity has climbed faster than its typical retirement age 
     without tax increases to keep up. The mass retirement of the 
     baby boomers will aggravate this problem as they become 
     greater consumers of entitlements and a lesser source of 
     taxes.
       Solution(s): Recognize that longevity is really an 
     advantage, and make better use of people's lengthening 
     ability to work and to contribute. In short, this means 
     gradually raising the age of entitlement eligibility. We must 
     also end the regressive and irrational Social Security tax 
     exemption for earnings above $108,000.
       Long term problem: Our K-12 school system has deteriorated 
     while foreign students have surged ahead in critical subjects 
     like math, science, and language skills. The underlying cause 
     is debated endlessly, but I believe we have replaced the hard 
     work of learning with trendy feel-good initiatives that 
     represent the path of least resistance for both educators and 
     students. We also underfund education, thereby encouraging 
     the employment of second-rate teachers, curricula, and 
     facilities. This exacerbates the deficit by degrading our tax 
     base as emerging generations of Americans are prepared for 
     only menial jobs paying low wages.
       Solution(s): Stop experimenting and do what works--get back 
     to basics and pay for excellence. Reward teachers who 
     cultivate competence. Emphasize math, science, and language 
     skills, as well as less tangible, but important skills like 
     inquiry and logic. Recognize sports programs as a way to 
     teach critical social skills, not as a career path. Treat 
     standardized testing as a means to excellence, not as an end 
     in itself. And finally, forget self esteem--it will come on 
     its own when it is earned.''
       Lawrence ``Rip'' Kirby
       Rutland, Vt.

  Thank you, Mr. President, for allowing me to share with you these 
words of wisdom from an average Vermonter. I hope my colleagues in the 
Senate take note of Mr. Kirby's sage advice.

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