Our economy is strong, but so is the possibility that it may have an Achilles heel - the national debt.
Americans agree, in overwhelming numbers-as in 94 percent of Republicans and 92 percent of Democrats,, according to recent polling by the Peter G. Peterson Foundation-that future generations will be better off if the national debt is managed.
Marc Goldwein, senior vice president and senior policy director at the Center for a Responsible Federal Budget, said at the event that national debt crowds out investment as investors purchase government bonds rather than buying private assets or otherwise investing in the private sector.
Goldwein said spending on interest on the debt will exceed Medicaid within a year.
Although the Tax Cuts and Jobs Act of 2017 propelled strong economic growth and decades-low unemployment rates, current economic growth does not mean the debt is irrelevant.
High debt causes an erosion of economic stability and government's ability to act in times of crises, until, as Goldwein said, "Like the frog in boiling water, we may not notice it until it's too late."
If America cannot stop its debt from destroying its economy, then it will be condemned to the same fate as Achilles at Plutus: remembered only for its timely and deserved demise.
https://www.dailysignal.com/2019/06/14/americas-achilles-heel-our-debt-catastrophe/
Americans agree, in overwhelming numbers-as in 94 percent of Republicans and 92 percent of Democrats,, according to recent polling by the Peter G. Peterson Foundation-that future generations will be better off if the national debt is managed.
Marc Goldwein, senior vice president and senior policy director at the Center for a Responsible Federal Budget, said at the event that national debt crowds out investment as investors purchase government bonds rather than buying private assets or otherwise investing in the private sector.
Goldwein said spending on interest on the debt will exceed Medicaid within a year.
Although the Tax Cuts and Jobs Act of 2017 propelled strong economic growth and decades-low unemployment rates, current economic growth does not mean the debt is irrelevant.
High debt causes an erosion of economic stability and government's ability to act in times of crises, until, as Goldwein said, "Like the frog in boiling water, we may not notice it until it's too late."
If America cannot stop its debt from destroying its economy, then it will be condemned to the same fate as Achilles at Plutus: remembered only for its timely and deserved demise.
https://www.dailysignal.com/2019/06/14/americas-achilles-heel-our-debt-catastrophe/
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