This great new video from Prager U that discusses the ever-growing Debt Blob that threatens to consume the country ~
The U.S. national debt is massive – so massive that most Americans cannot comprehend it, much less solve it. But a crisis is looming, and a day of reckoning that will affect every American is coming. The Manhattan Institute’s Brian Riedl explains how we got here and what you can do about it.
Last week the Congressional Budget Office released its updated long-term budget report, projecting the nation’s fiscal situation for the next 30 years. Justin Bogie at the Daily Signal summarizes the findings ~
1. The national debt continues to grow at an unsustainable rate.
Over the next decade, debt will grow by another 14 percentage points of GDP, and within 15 years, the national debt will be larger than the economy […]
By 2049, the Congressional Budget Office estimates the national debt could be more than twice the size of the economy—a staggering 219% of GDP and continuing to rise.
2. Another budget deal will make things worse.
The Bipartisan Budget Act of 2018 raised spending by $296 billion over two years. However, estimates showed that the law could add more than $2 trillion in debt over a decade. Only a fraction of the new funding was paid for.
3. The timing of reform matters.
One takeaway from the report is that the sooner Congress starts implementing reforms, the less painful it will be for Americans.
The longer Congress waits, the more significant and abrupt the policy changes will have to be. These changes would likely come in the form of benefit cuts, higher taxes, or both […]
Future generations would likely have lower incomes than their parents and see less economic opportunity throughout their lives.
4. Entitlements and interest on the debt are driving spending growth.
The main drivers of the national debt continue to be Social Security, Medicare, and Medicaid spending. By 2049, the Congressional Budget Office projects that Medicare and Social Security will together contribute to three-quarters of the national debt.
The national debt is now at at all-time high of $22,000,000.000,000+ (That’s $182,000 per taxpayer. Better pony-up!). We need to face this Blob head on – NOW – before it gets any bigger!
If lawmakers fail to act, they may not pay the price, but future generations of Americans will. The looming debt crisis poses a serious, moral question to each member of Congress: What legacy are you leaving behind?
