The U.S. government spent nearly $1 trillion more than it took in last year as the national deficit increased 26% since 2018.
The $984 billion mark is the highest since 2012, when then-President Barack Obama allowed the deficit to reach $1.08 trillion and 6.7% of GDP.
Despite the strong economy, experts blame expenditures on defense, Medicare and interest payments on the national debt for the ballooning shortfall, according to CNBC.
The Trump administration has also pointed the finger at Congress, which has thus far refused to pass any meaningful measures to cut wasteful spending.
“In order to truly put America on a sustainable financial path, we must enact proposals—like the President’s 2020 budget plan—to cut wasteful and irresponsible spending,” said U.S. Treasury Secretary Steven Mnuchin in a press release.
While the final number is slightly lower than the expected $1 trillion deficit, it nonetheless demonstrates the recklessness of our federally elected officials. The economy is strong, our country isn't engaged in a total war, and D.C. doesn't even have the excuse of Obama's "stimulus package."
We should be using this opportunity to begin digging ourselves out of our $22 trillion national debt. Instead, we're digging an even deeper hole, in part because we're being forced to pay interest on the national debt itself.
As Mark Meckler pointed out on a recent appearance on Fox Business, no nation has ever recovered from the amount of national debt we've accrued.
The situation is serious, but there is hope. An Article V Convention of States can propose constitutional amendments that force Congress to act. These amendments, proposed and ratified by the states, can make Congress balance the budget, cut wasteful spending, and cap taxation.
With this complete package of amendments in place, our nation can begin the road to financial recover and preserve the futures of our children and grandchildren.
Sign the Convention of States Petition below to show your support!
