A letter from 232 multi-industry organizations, in conjunction with the U.S. Chamber of Commerce, is calling on President Obama and Congress to restructure the nation’s entitlement programs and put them on a path toward financial sustainability.
These organizations recognize that the country’s rising debt poses grave economic risks. In the letter, they cite that near the end of 2008, debt held by the public was around 40 percent of gross domestic product (GDP); this is close to the historical average of about 37 percent of GDP. According to the Congressional Budget Office, though, debt held by the public in 2012 had risen to 73 percent of GDP. The future looks worse still, as debt is projected to skyrocket to over 100 percent of GDP in less than 10 years.