Month: March 2021

US debt on track to double by 2051, raising risk of financial crisis, CBO says

Rising US debt could pose a long-term threat to the nation’s economy and heighten the risk of a financial crisis The federal debt is poised to double to 202% of gross domestic product over the next 30 years, according to the Congressional Budget Office, heightening the risk of a financial crisis in the U.S. The nonpartisan office projected that […]

Is Our Exploding National Debt Fueling A Stock Market Crash?

At our current rate of spending, the U.S. will be unable to confront major problems in the future because we’ve already stretched ourselves too thin. By Willis L. Krumholz MARCH 4, 2021 America’s debt and deficits usually are spoken of in terms of economics, but they have huge implications for national security. To see why, start with […]

The national debt is big and getting bigger. Does it matter?

WASHINGTON — The United States’ national debt is nestled in a brick-laden underpass just a block away from Times Square. It ticks away, month after month, year after year, never getting smaller, never slowing down. That national debt clock — the brainchild of the real estate tycoon Seymour Durst, who installed it on West 43rdStreet […]

Blog- Elected Politicians + Failed Economic Theory = $28 Trillion in National Debt – and Growing Fast!

Today the United States hit a milestone – $28 Trillion in national debt. Our national debt is higher ,and growing faster, than our economy with no end in sight and no plan or political will by our elected politicians to fix it – or even address it. Whose responsible – Elected Politicians aided and abetted […]

CBO Projects Individual Income Tax Liability Will Rise 66% By 2031

How do you feel about taxes? Are they a necessary evil? Perhaps an obligation? A civic duty? Regardless of your view, taxes will most likely rise in the not-too-distant future. As we emerge from the grasp of Covid-19, once the economy stabilizes, Congress and President Biden are poised to raise rates. Even without the president’s […]

Opinion: America’s excessive government spending must stop

In his final commentary, George P. Shultz warns of grave economic and national-security risks George Shultz testifies on Capitol Hill in 2015. Before his death on Feb. 6, George P. Shultz, a former secretary of the Treasury and secretary of state, co-wrote a final commentary warning of the dangers posed by the vast increase in […]

Fed is financing largest US deficit since WWII

Asia Times  – How long can the debt keep growing before US goes bankrupt? The US has the largest deficit since World War II at 16% of GDP, and the Federal Reserve is financing virtually all of it, with a small contribution from financial corporations (mainly banks). Foreign purchases of US debt (the green area labeled […]

Rep. Chris Stewart proposes plan to address national debt

SALT LAKE CITY (KUTV) — Rep. Chris Stewart introduced the Debt Control Through Budget Reconciliation Act of 2021 earlier this week. The legislation that amends the Congressional Budget and Impoundment Control Act of 1974 establishes annual debt-to-GDP targets. These targets would gradually reduce the public debt over the next 30 years to approximately 50% of GDP (the average annual debt-to-GDP […]