ADDING TO THE DEFICIT
A lot has been written lately about the new federal budget passed by the U.S. House of Representatives. But not enough has been written, in my opinion, about the budget's effect on the national debt.
According to Kimberly Amadeo of The Balance, the national debt is currently more than $20 trillion. That's an enormous economic burden that no one in Congress seems to be taking seriously. It will, in all likelihood, be passed onto our children and grandchildren to pay.
To make matters worse, we are adding each year to that staggering debt by operating with an unbalanced budget that spends more than it receives in taxes. According to David Z. Morris of Fortune magazine, the United States ran a budget deficit of $666 billion in fiscal year 2017.
In addition, the House's budget adds to that deficit, rather than trying to end it. According to Jeff Yang of CNN, the House's budget adds $1.5 trillion to the debt over the next decade.
Sooner or later, foreign countries will grow tired of our foolish ways and simply refuse to loan us more money. Then, quite simply, our economy will crash as government tries to instantly balance the budget. A great deal of suffering could be avoided if we would address this unbalanced budget and federal debt now. The first step is to cut federal spending while maintaining the current level of taxes or, better yet, actually raise them slightly.
Congress and the President need to act responsibly, for once, and stop pushing any budget that doesn't balance and at least begins to pay down the national debt.
According to Kimberly Amadeo of The Balance, the national debt is currently more than $20 trillion. That's an enormous economic burden that no one in Congress seems to be taking seriously. It will, in all likelihood, be passed onto our children and grandchildren to pay.
To make matters worse, we are adding each year to that staggering debt by operating with an unbalanced budget that spends more than it receives in taxes. According to David Z. Morris of Fortune magazine, the United States ran a budget deficit of $666 billion in fiscal year 2017.
In addition, the House's budget adds to that deficit, rather than trying to end it. According to Jeff Yang of CNN, the House's budget adds $1.5 trillion to the debt over the next decade.
Sooner or later, foreign countries will grow tired of our foolish ways and simply refuse to loan us more money. Then, quite simply, our economy will crash as government tries to instantly balance the budget. A great deal of suffering could be avoided if we would address this unbalanced budget and federal debt now. The first step is to cut federal spending while maintaining the current level of taxes or, better yet, actually raise them slightly.
Congress and the President need to act responsibly, for once, and stop pushing any budget that doesn't balance and at least begins to pay down the national debt.
posted by dlh | 7:53 AM
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