The following excerpt was written by Jake Grant and originally published on The Daily Signal.
When it comes to our nation’s spending, most politicians are only interested in the time between now and the next election.
Because of this, we can’t rely on Congress to give us the full, honest truth about our fiscal trajectory and what exactly needs to change. We need independent voices.
One such voice came last week when the Committee for a Responsible Federal Budget released a new report titled “The 75-Year Budget Outlook.” This report examines the impact of our nation’s finances on future decades, and offers insight into how we can start moving back in the direction of fiscal responsibility and solvency.
Right now, things aren’t looking good.
[...]
In the budget report that was recently released, Committee for a Responsible Federal Budget projects that in 75 years, federal debt will be more than 3.5 times the size of the economy under current law as written and at least six times the size of the economy if policies under current law are extended further after they expire. It quotes the Congressional Budget Office in its estimates, predicting that annual interest payments on the debt will continue unsustainably rising from 1.6 percent of gross domestic product in 2018 to 14.9 percent by 2093.
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