A Deficit of Reason: Preserving American Opportunity

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By Jay Fishman

Growing up, I heard many times about how my grandmother came to the United States from Eastern Europe at the age of 13. Eventually, she earned enough money as a seamstress to provide her siblings and parents the chance to join her in America. Four generations of Fishmans lived together in a modest two-bedroom apartment in the Bronx. Years later, my father started a small printing business in New York City, making just enough to pay the rent and educate my sister and me.

That arc from tenement life to having the privilege of managing a Dow 30 company, all in the generational blink of an eye is deeply humbling and meaningful to me. Without what I call the American Opportunity, it would not have been possible. So I feel a sense of responsibility as a business leader to do all I can to preserve that path to opportunity for future generations by raising awareness about the most pressing issues of our time. Chief among them is our federal deficit.

With 76.4 million baby boomers at or approaching retirement age, the demographic challenges our country faces are enormous. Based on the Congressional Budget Offices latest projections, Social Security, Medicare, and Medicaid spending in 2022 will surpass all the revenues the federal government will collect this year. That doesnt even take into account the payments on our debt, defense and non-defense spending, and other mandatory spending. The numbers are simply astounding.

Travelers chose to be vocal about the deficit because the stability and health of the economy is important to our business, our customers and to families pursuing the American dream.

We partnered with Charlotte, North Carolina-based WTVI public television to produce a documentary to help elevate the discussion. Overdraft is a one-hour, award-winning, nonpartisan film that features economic and political leaders from both sides of the aisle. Overdraft evaluates how our country reached this point and how we might take action. We have shown the documentary and convened discussions on the topic at more than 45 colleges and universities across the country to engage students and future leaders on the issue.

While the economy is slowly recovering, projections from the Congressional Budget Office continue to paint a grim picture about our nations debt. This is not an issue we should simply drop in the lap of the next generation. I believe that we have an obligation to be vocal and active in the interest of preserving the American opportunity. Though difficult choices and sacrifices need to be made, with financial discipline and resolve, we can get our fiscal house back in order. The longer we wait, the more difficult the solution becomes. Letting this national problem linger much longer demonstrates a deficit of reason.

Jay S. Fishman is Chairman and CEO of The Travelers Companies, Inc. Travelers is a leading provider of property casualty insurance for auto, home and business.