Dear Friend,
I write to explain my decision to dip my toe into the national debate before us, or in the case of what I care about in debt, deficits and spending at the national level, our non-debate. I’m worried. We have a storm coming that we are neither talking about nor preparing for given our country is more financially vulnerable than we have ever been since our nation’s start and the Civil War. We are on a collision course with financial reality and, in compelling ways, the numbers tell this story.
Yet as I watched two Democratic debates I heard no discussion, or even recognition, of what is occurring here. Instead I heard a laundry list of new unpaid, unbudgeted, and unrealistic political promises. This Administration's spending is up above even what President Obama had requested in his last year in office, and President Trump has ruled out action on the very things that drive our spending and accumulated debt. Essentially no one “leading” in Washington is leading, or even speaking of, our financial predicament. We are living in a government spending and financial La-La land and this movie will not end well for any of us.
Which brings me to the larger question of what I, or any of us, can do about it.
Presidential races, and the year they focus our attention to politics, have historically been the venue in which we debate where we go next as a country. Many friends have suggested over the last year that I grab the microphone that comes with this stage and mount a Republican Presidential challenge given the ways in which the party has lost its way, especially in regard to spending and debt. During this time I have passed consistently given the many challenges that would come with a Presidential campaign and hoped someone else would lead that charge. For a variety of reasons no one emerged. And so, on this point I have been left wondering what any of us can do given today’s clearly drawn political lines, the brevity of this political season and the importance of action.
Others friends have suggested something more along the lines of starting an advocacy group tied to debt and government spending.
Both groups have consistently pointed to my unique vantage point from which to judge government finances - as a governor, as a Member of Congress and as a taxpayer outside of politics. Their point has been that I’ve already invested many years of my life to these issues. They ask, “what's a little more time if you might have even a small chance to affect the presidential debate and elevate the idea of limiting government spending and debt?”
I partly agree with my friends - in that we need to have the debate. If we don’t do it this year, we put a national debate off until the next presidential election cycle. I don’t believe we have that much time before inaction guarantees a day of financial reckoning,
On this point, it took us 200 years to accumulate $5 trillion in national debt, but its growth has now become exponential. Our public debt has nearly tripled over the last ten years. This has occurred as we come to an end of a forty year downward drift in interest rates, the longest economic expansion in American history and never before seen asset values and household net worth based on these two factors. If under these circumstances, we can’t get our national finances ordered, when can we?
But I’m still not sure if I should lead that debate or try and act as a catalyst in attempting to start it. So I have decided to take just a first step - and explore that question over the next 30 days. This could lead to running for President as a Republican. The goal here would be to generate a long overdue conversation amongst Republicans on what we believe on debt, deficits, and government spending. It could lead to starting an advocacy group aimed at national conversation on this front. It could mean none of the above. Again, I don’t know, but I suspect, based on people’s responses over the next month, I will garner a very clear picture of what I should or shouldn’t do moving forward.
All this makes your wisdom, prayers, suggestions, and even help in connecting me with others who have insight on this, that much more important over the next month. Please join me and get involved in the dialogue. Accordingly, I would appreciate hearing from you.
Please feel free to reach out via email at [email protected], by phone at 843-737-1888, follow along on social media, and visit www.marksanford.com.
Many thanks,
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