Heritage: ‘Congress Must Address the National Debt’ By Stuart MacPhail – October 2020 New Report Shows Why Congress Must Address National Debt Is the headline on a piece by David Ditch and Rachel Greszler in the September 9 edition of The Daily Signal (Heritage Foundation). Their article focuses on an updated Congressional Budget Office (CBO) budget projection…Read More
New Report Shows How Congress Has Screwed Over Young People The skyrocketing national debt is a moral test—and right now, our leaders are failing. Brad Polumbo – September 22, 2020 We already knew that the budget deficit will hit a record-breaking $3.3 trillion this year as the federal government continues to run up debt in response to…Read More
2020 Federal Deficit Spending Projected to Hit $3.7 Trillion By Stuart MacPhail – August 2020 The July 15 edition of The Patriot Post reported that figures released that week by the Congressional Budget Office (CBO) indicate that “[t]he annual deficit over the last 12 months is $3 trillion, and the CBO expects the fiscal year ending…Read More
Coronavirus Leaves Governmental Budgets Devastated – By Stu MacPhail, Editor – July, 2020 COVID-19 and efforts to fight it, have caused large governmental spending increases and major drops in government revenue. Leaders of local, state and the federal governments are now scrambling to find some semblance of balance between income and outgo. Families are fighting…Read More
By Bruce Kauffmann – “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse from the public treasury. From that moment on. the majority always votes for the candidates promising the most benefits from the public treasury with the result that a…Read More
Heritage: ‘Congress Must Address the National Debt’
By Stuart MacPhail – October 2020
New Report Shows Why Congress Must Address National Debt Is the headline on a piece by David Ditch and Rachel Greszler in the September 9 edition of The Daily Signal (Heritage Foundation).
Their article focuses on an updated Congressional Budget Office (CBO) budget projection for the fiscal year ending this month. It is CBO’s first full update that includes the fiscal impacts of COVID-19. They say the report demonstrates how America’s fiscal health has “gone from bad to worse.”
They report that “the deficit for 2020 is expected to reach $3.3 trillion, or over $25,000 per household. As a share of the economy, this deficit is the largest since World War II.”
The charts they include in their detailed report suggest that through 2030, the combined annual deficits are projected at just under $13 trillion. They conclude, “Considering that the current gross debt is $26.7 trillion, the per-household share would stand at about $275,000 just 10 years from now.”
They warn “Rising debt with no viable plan to curb it puts America at risk of a financial crisis,” and “the longer policymakers delay, the larger the consequences become.” They call on lawmakers “to take a serious reckoning of the federal budget. Failure to do so could result in moving directly from a health crisis to a fiscal crisis.” Read their report HERE.