What Now? Businessman Keith Busse

FORT WAYNE, Ind. (WANE) When NewsChannel 15 sat down with Steel Dynamics Chairman of the Board Keith Busse a year ago, his top concerns were the country's spiraling debt and sputtering economy, with the government running more than a $1 billion yearly deficit.

A year later, he sees that problem only getting worse, estimating that when Obamacare takes full effect, we'll be piling up $2 trillion of additional debt each year.

"At some point in time, it all collapses. It will all collapse under its own weight. Businesses will fail and go bankrupt. Jobs will be fewer than they are today. There will be unhappy people on the street," said Busse.

So how do we prevent all that? Busse said we can start by getting a handle on entitlements, which would include steps like raising the eligibility age for Social Security and Medicare.

"We are all living longer, thanks to the best medicine on the planet because of the best health care system on the planet," said Busse. "And I think we realistically have to think about [retirement at] not 62 and not 65 and not 67, but to think about 'It doesn't start, boys, until 65, and you don't get full benefits now maybe until 70.'"

NewsChannel 15 asked Busse if he was optimistic about Congress being ready to make substantive change in entitlements.

"Not in its current configuration," Busse replied. "I mean, if the Democrats retain control of the Senate, Harry Reid's going to block every piece of legislation that even smells like it moves that direction."

That's why Busse said he hopes the country gives Republicans another chance to take over the Senate and puts Mitt Romney in the White House.

"He's obviously the best man for the job from an economic perspective," said Busse. "He understands the economy. I really think Mr. Obama does not truly understand economics."

Steel Dynamics, the company Busse helped start and from which he recently retired from as CEO, was helped in its early years by the private equity firm Bain Capital when it was run by Romney.

Busse said that if Romney and the Republicans get elected and can't rein in the deficit or provide good economic conditions, voters should toss them out, too.

Some of the steps Busse recommended to boost the economy: get tough with China on its currency manipulation, cut the U-S corporate tax rate, and lower everyone's income tax rates while also removing most loopholes and deductions.