Senator Bob Corker was the guest speaker for the Cool Springs Chamber membership breakfast Tuesday morning. This was just one stop on his 26-county jaunt during the recess from Congress. Corker, who was introduced by Franklin Mayor John Schroer, wanted to share with the over 150-attendee breakfast goers his idea for putting a cap on federal government spending.
Corker shared his concerns that our children and grandchildren will be paying for the debts of our generations for years to come. He also shared that in January, he will introduce a bill that would discourage spending increases and work toward a balanced budget.
His hope with his multi-county run is to increase support for his bill in Tennessee but also to encourage the citizenry of Tennessee to stand up and speak for what they believe. The long-range goal for this bill would be for the federal budget to work toward a balanced budget statute similar to Tennessee and like states. To accomplish this, the bill would tie federal spending to the present Gross National Product, or the size of the nation’s spending.
In Corker’s presentation, he used flow charts exhibiting the U.S. debt schedule which shows an increase in twenty years from 62% to 146%. Also presently, the interest our citizens pay on our national debt will increase from 6 to 25% by 2030.
Corker hopes that the citizens will also focus their concern on the amount of debt being held presently by foreign investors. In 1960, the citizens of the United States held all but 5% of their country’s debt. By 2010, Chinese investors alone hold double that number and total foreign debt investors hold 46 percent.
Corker’s presentation ended on a positive note stating that after traveling all over the world for his duties on the Foreign Relations Committee, he stands firm in his belief that America is the greatest country in the world.