Election Winner: Debt Increase
National Debt Projected to Explode Under Biden or Trump
By Stuart MacPhail – November 2020
The national debt now exceeds $27 trillion, and could reach twice the size of the economy within 30 years, according to a recently released report by the nonpartisan Committee for a Responsible Budget (CRB) and reported on in an October 9 posting by the Foundation for Economic Education (FEE).
The CRB report suggests that regardless which presidential candidate wins on November 3, the national debt will just keep on growing. The extensive and heavily documented CRB report can be read HERE.
FEE writer Brad Polumbo posits that “the disastrous state of our public finance and runaway national debt is one of the most pressing issues facing our country.” He summarizes the CRB report while saying, “The latest budget reports offer another reminder that we can’t put our trust in Team Red or Team Blue to save the day. Instead, we need to enshrine safeguards into the system itself, such as debt ceilings, mandatory spending cuts via long-term sequesters, or a balanced budget amendment.” Read the FEE article HERE.