Opinion: Utah must lead to defuse the national debt bomb

The 2024 general election is fast approaching. It is disappointing that neither party’s national convention included significant talk about debt and deficits, despite the fact that they constitute a far greater existential threat to our nation than the so-called “climate crisis.”
Everyone knows we have a problem. Our nation is facing a $35 trillion “debt bomb,” with $2 trillion projected annual deficits in the foreseeable future. Just recently, The Wall Street Journal has joined the Deseret News and dozens of other media outlets in another round of warning about the impending peril of our national debt and unfunded obligations.
But every candidate running for Congress or the White House knows that any talk of entitlement reform — especially Medicare and Social Security — is the dreaded “third rail” of elective politics. Every Republican knows that the mere mention of reforming Social Security or Medicare will result in a Democrat TV ad blitz showing “Granny in a wheelchair” getting shoved off a cliff. Certainly no Democrat hopeful — no matter how fiscally practical — would ever dare mention entitlement reform.
Here in Utah, our congressional seats will likely be filled by Republicans across the board. I am writing to specifically address these Republican candidates, who are odds-on favorites to serve in the next Congress.
Utah is different. For one, we are a Republican-dominated state. That’s why I am calling on our current crop of Utah Republican candidates to play an outsized role in bringing attention to the untenable nature of our debt and deficits. Our nominees have no real reason to fear the November election, and it is possible for such courage to be contagious. Our delegation can lead out on a national discussion that must occur.
Just who is to blame for the national debt? Is it the Republicans? The Democrats? All politicians in general? Well, yes to all the above. But we also have to take a good, hard look at ourselves as voters while we are at it.
It is true that both Republican and Democrat politicians share the blame for the mess we are in, but so do we all. Too many of us have exhibited knee-jerk reactions to any mention of Social Security or Medicare reform. But the trillions of dollars in “unfunded liabilities” remain very real; our denial will not resolve them.
As a former lawmaker and past president of the Utah Taxpayers Association, I have paid close attention for decades to proposals on debt and entitlement reform. It has been discussed — and then ignored — for decades now. But the sooner Congress acts, the sooner we can avoid cutting benefits for current seniors and anyone even close to retirement. Congress must start adjusting things now so that the programs remain sustainable for retirees far into the future.
Entitlements, especially the “Big Two,” are the elephant in the room that no one mentions and everyone steps around. Yet any discussion of putting our national debt on a more sustainable path (which can and must be done) is meaningless without considering entitlement reform. I believe that here in Utah, where our people have traditionally been more prudent and thoughtful about such things, we need to support taking these issues head-on.
The irony is that we have now reached a point where if we don’t reform entitlements — at least for those whose retirement is well over a decade away — forced and immediate cuts for all will become reality. Social Security’s own financials show that its “trust fund” will be bankrupt by about 2034. When that happens, “Granny off a cliff” may seem like the good old days — the displacement and chaos will be unimaginable.
To take license with a quote from President John F. Kennedy — those who make reasonable reforms impossible make drastic reforms inevitable. I encourage all of our candidates for federal offices to speak out and lead. You have little to fear in November, but much to fear from inaction.
My point to them is this — each of you is a Republican nominee in a state where that all but guarantees victory in November. Please use your campaigns to begin educating and informing voters as to what our real options are, and the disaster that will occur if we stay on the current course.
This is one more opportunity for Utah — and its voters — to lead.
Howard Stephenson is a former Utah state senator and past president of the Utah Taxpayers Association.