Guest opinion: Political multitasking â Addressing China, our debt, and climate all at once
by Mackey Smith
In 2020, Senator Mitt Romney warned that the U.S. was facing three major issues the country is âjust not dealing withâ: unsustainable debt, an increasingly aggressive China, and climate change.
At his announcement to not seek reelection last fall, the Senator spotlit these very same three âcritical challenges,â calling for new and younger leadership to step up and take the mantle of responsibility.
This call is serious for young professionals like myself. At the beginning of this year, the U.S. debt soared past $34 trillion, and is projected to reach a staggering $50 trillion by 2030. Chinaâs ambition to be an economic and military superpower only continues to grow. And despite recent U.S. efforts, global carbon emissions are projected to still rise by 9% this decade.
These mounting issues have serious implications for future generations, and they demand bold leadership and creative solutions. While there is no silver bullet for each of these issues, there is a solution that makes considerable headway on all three at the same time: a border-adjusted price on carbon pollution. A single solution that can tackle multiple issues simultaneously is a rarity, and an idea and opportunity our legislators should not overlook.
While chiefly considered an environmental policy, carefully crafted carbon pricing legislation could be used as an important debt-reduction tool. Levying an upstream fee on carbon would generate substantial revenue â over $1 trillion within 10 years â that could be used to reduce our debt and deficit. The plan would call for âdividendâ rebates or tax swaps to ensure American taxpayers are not burdened and come out ahead financially, while still generating significant revenue for deficit reduction. (Read More)
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