In the past 17 years, the federal government has spent about $15 trillion more than it has taken in.
Publicly held federal debt equaled 31 percent of gross domestic product in 2001.
The nonpartisan Committee for a Responsible Federal Budget estimates that in 2028, the debt will amount to 93 percent of GDP. That means the real burden on future taxpayers will be triple what it was in 2001.
When Congress approved and Trump signed a $1.3 trillion omnibus spending measure last week, they agreed that they didn't know what was in the 2,232-page bill.
Because our leaders have chosen to go on spending without taxing Americans to cover the full costs, revenues will increasingly be used not to pay for actual programs but to service the debt.
"Under current law, the federal government will spend more on interest than it does on Medicaid by 2021 and more than it does on defense by 2024," says the CRFB. Once the tax bill passed, the argument for spending restraint collapsed.
Why contain outlays if the federal debt is going to explode regardless? The spending bill merely confirms, loudly, that neither party has any use for fiscal responsibility.
http://reason.com/archives/2018/03/29/the-spending-bill-brings-us-closer-to-na
Publicly held federal debt equaled 31 percent of gross domestic product in 2001.
The nonpartisan Committee for a Responsible Federal Budget estimates that in 2028, the debt will amount to 93 percent of GDP. That means the real burden on future taxpayers will be triple what it was in 2001.
When Congress approved and Trump signed a $1.3 trillion omnibus spending measure last week, they agreed that they didn't know what was in the 2,232-page bill.
Because our leaders have chosen to go on spending without taxing Americans to cover the full costs, revenues will increasingly be used not to pay for actual programs but to service the debt.
"Under current law, the federal government will spend more on interest than it does on Medicaid by 2021 and more than it does on defense by 2024," says the CRFB. Once the tax bill passed, the argument for spending restraint collapsed.
Why contain outlays if the federal debt is going to explode regardless? The spending bill merely confirms, loudly, that neither party has any use for fiscal responsibility.
http://reason.com/archives/2018/03/29/the-spending-bill-brings-us-closer-to-na
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