In 2010, our uninsured rate was about 9 percent. Last fall, the latest statistics that came out, it is now 3.8 percent.
the actual premium price went down by 5 percent. I am going to say that again, went down by 5 percent.
I welcome this reassessment of our force structure requirements, which is the subject of today's hearing.
Even when we meet the 308-ship goal, key shortfalls will remain.
But yet, we can't do more with less. We have to do less with less.
The current requirement of 48 was set nearly a decade ago before undersea resurgence that we see now by China and Russia...
And that is what we need and lack today, I think--a bipartisan acceptance of what our national strategy really is.
So we are headed down that road. We are doing it.
Failure to do that is just going to create a cliff that really will ripple through our entire Armed Forces if we don't g...
I want to applaud Administrator Jaenichen for his efforts to alert Congress to this issue.
But we must not let further decline in either our Navy fleet or our maritime commerce undermine our position.