The national debt continues to expand -- with no signs of slowing down.
Despite lip service from the GOP to rein in spending, the national debt topped $22 trillion on Tuesday, sparking concerns about a "ripple effect" on the otherwise strong economy.
USA Today reports:
The national debt surpassed $22 trillion for the first time on Tuesday, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.
The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.
The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs. The nation has added more than $1 trillion in debt in the last 11 months alone.
“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,” said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country’s long-term fiscal challenges.For Americans, the growing debt should be a concern, experts said, because over time it can push up interest rates for consumers and businesses. The higher rates can ripple through the economy, nudging up rates for mortgages, corporate bonds and other types of consumer and business loans.
A big national debt can also make it harder for the government to increase spending to combat the next recession or devote more money to retraining workers and helping the poor, among other programs.
Congress won't rein in spending until it's too late. They have no incentive to cut off the flow of money to the special interests in their districts, and no amount of warnings will force them to act.
That's why we need to call a Convention of States. A Convention of States can do what Congress never will: impose real, effective mandates to spend responsibily.
These constitutional amendments can force Congress to balance the budget, but that isn't enough. In today's political climate, our elected officials will simply raise taxes to "balance" the budget or excuse overspending in the name of "national security."
We also need spending limits to compel Congress to cut wasteful, duplicative government programs. And we need tax caps to make them use the already record-setting tax revenue.
Our country is headed in the wrong direction, but it isn't too late to change course. If the people and the states band together to call a Convention of States, we can secure the fiscal futures of our children and grandchildren.
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