By State Sen. Daryl Schmitt (R-Jasper)
In recent decades, Indiana has maintained a strong fiscal footing after years of conservative leadership that has passed balanced budgets, paid down our state's debt and cut taxes.
The General Assembly has worked to pay down our state's largest unfunded pension liability, the Pre-1996 Teachers Retirement Fund, with an additional $3.7 billion in recent years on top of our annual $1 billion payments.
While Indiana has been responsible with our finances, allowing us to maintain top credit ratings from all three major agencies, the federal government's debt has continued to rapidly increase.
Currently, the federal government's debt has grown to more than $38.6 trillion. Of this debt, more than $8 trillion is owed to people outside the United States – including more than $1 trillion owed to individuals in China. This debt owed to foreign individuals, companies and nations represents a looming future threat to our nation's economy and security.
Last year, I authored Senate Resolution 51, which recognizes the urgency of our federal debt and its threat to national security. The resolution now serves as a national model for other states to use to help draw attention to the seriousness of the national debt.
Recently, I joined state leaders including Senate President Pro Tempore Rodric Bray, Indiana Comptroller Elise Nieshalla and Gov. Mike Braun in highlighting Senate Resolution 51 and urging meaningful financial reform in our federal government.
Our federal government must take serious steps forward to cut debt and secure our economic future to ensure this burden does not fall on future generations of Americans.
As always, constituents can reach out to me with any questions or concerns by email at s48@iga.in.gov or by phone at 1-800-382-9467.
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State Sen. Daryl Schmitt (R-Jasper) represents Senate District 48,
which includes Crawford, Dubois, Gibson, Perry, Pike and Spencer counties.
Click here to download a high-resolution photo.
