A Gallup survey released in February 2024 tells us a great deal about which issues are most important to American citizens heading into the 2024 presidential election. In the survey, respondents were asked to name their top issue of concern. Based on what is happening at our borders, particularly our southern border, it is no surprise that immigration was listed as the top issue of concern at 28%.
Some other issues of concern were government/lack of leadership - 20%, economy -12%, inflation -11%, poverty/hunger/homelessness - 6%, unifying the country - 4%, race relations - 4%, federal budget deficit - 3%, crime/violence - 3%, elections/election reform/democracy - 3%, lack of respect for each other - 3%, and ethical/moral/religious decline - 3%.
As I read through the poll results, I found that I agreed with my fellow citizens that each of these issues is important. The one issue that I was initially surprised by, and concerned about, was the low percentage of people who listed the deficit and debt as their top concern. As I continued to ponder over this result, I realized there were many possible reasons as to why this issue did not rank higher.
According to Gallup, the survey asked open-ended questions, meaning that they did not prompt the survey takers for a response. They simply asked, “What do you think is the most important problem facing the country today?” The fact that only 3% consider the deficit/debt to be our most important problem does not mean that those who answered differently don’t also consider the national debt to be a serious problem. It may simply mean that given the abundance of problems we are currently facing, they don’t consider it to be our most pressing concern at the moment.
Although I share the view of the 3% who consider the debt to be our most important problem, I can’t find any fault with those who listed things such as immigration, inflation, and the economy as their top concerns. Honestly, most of the issues listed in the survey can be tied to our deficit and debt in some way. I don’t personally think there is anything more important than fiscal issues; however, I can certainly understand, for example, how those struggling to pay bills as a result of inflation may consider this problem to be a more immediate concern in their own lives.
So, why do I hold the view that our deficit/debt is the most important problem facing our nation? The short answer, as I previously indicated, is that almost every other issue ties back to our government’s finances in some way. For example, most solutions to our immigration problem are likely to require that our government spend additional money. If you hire more border agents, that will take additional money. If you build a wall, that will also require additional money. You get the picture.
The major concern is that we seem to have ever increasing problems that our politicians want to consistently throw more money at, while at the same time we are borrowing more and more money every year to pay for this spending. Up until recently, there were many so-called “experts” who said that the government borrowing huge amounts of money was no big deal. They said our economy was big enough to absorb this borrowing with no issue. The tide has now turned and there is almost universal agreement that we are on a financial path that is unsustainable.
When our nation borrows money, it is essentially issuing debt through marketable treasury securities, such as bonds. Purchasers of these can include individuals, entities, and other countries (such as China and Japan). Although these investors purchase treasury securities for a variety of reasons, the soundness of the U.S. government has traditionally led to these being considered safe investments with a dependable return. Unfortunately, as our debt continues to increase to unprecedented levels, this view may be changing.
A November 2023 Yahoo Finance article addressed the fact that the U.S. government’s unprecedented rate of spending is a major factor in investors pulling back from purchasing treasury bonds. “The government keeps borrowing to cover its budget deficits, while once-reliable buyers of that debt, both at home and abroad, have pulled back,” stated the author. Additionally, the Cato Institute recently expressed concerns that the government could attempt to print more money to pay off the debt. For everyone concerned about inflation, such a move could drive a new level of inflation far worse than what we have recently been experiencing. (sources: Nobody wants U.S. Treasury bonds (yahoo.com), Oversupply of US debt leaves few takers for Treasuries
My view is that a country cannot be a leader in the world if it is not an economic power, and it cannot remain an economic power if the government does not have a sustainable fiscal path that will enable it to pay its obligations for the long haul. For over two decades, Congress has shown either an unwillingness or inability to get the nation’s fiscal house in order. This is why I have joined many others in supporting the idea of pushing Congress to form an independent Fiscal Sustainability Commission to make recommendations on the government’s spending and debt priorities. The creation of such a commission is part of our Contract from the American People. I invite you to visit my website to read the contract and learn more about the efforts to get our politicians to tackle the debt and other important issues.
For more information, please visit www.JoeFromTexas.com