Author: admin

Federal budget deficit continues to grow big

      As a nation, we have become addicted to budget deficits. Each year, we have to borrow fund government operations. And most people, including our legislators, do not seem to care or take notice. As readers realize, a budget deficit occurs when expenses exceed revenue. Accrued deficits form the national debt. Thus, the […]

An Ocean of Red Ink as Far as the Eye Can See

Visual Capitalist has created an interactive visualization of the publicly-held portion of the U.S. government’s public debt. It covers 150 years, combining historic data from 1900 through 2020 with CBO projections for the next 30 years. You’ll need to follow the link above to take advantage of the interactivity, but here’s the big picture they created: […]

What Happens If the U.S. Defaults on National Debt?

The U.S. debt ceiling is always rising. The government has never defaulted on debt because Congress has continued to raise the debt ceiling over the course of the nation’s history. Currently, the deficit is about $28 trillion. What happens if the U.S. is forced into defaulting on the national debt? Here’s what we know. Two […]

Failure to raise debt limit would be ‘catastrophic’: US Treasury Secretary

Treasury Secretary Janet Yellen told a congressional panel that failing to raise the federal debt ceiling would have catastrophic consequences that could bring on a financial crisis Treasury Secretary Janet Yellen told a congressional panel Wednesday that failing to raise the federal debt ceiling would have catastrophic consequences that could bring on a financial crisis. Testifying before a Senate Appropriations […]

Here Comes the Tax Man

We need to raise more tax revenue, but how we do it matters. Like it or not, we need to raise more tax revenue. Both Democrats and Republicans spent the last few decades running up the debt, and it’s getting worse. Despite a vigorous recovery, the Biden administration plans to exceed a 100 percent debt-to-GDP ratio for […]

All politicians need to look at danger of mounting debt

To the editor It is important to me that all Americans pay serious attention to a very important recent development in the world of politics. It appears to me that there have been many well-respected and well-admired economists, some of whom are conservative/Republicans and some of whom are liberal/progressive/Democrats (which I happen to be) who […]

How Long Can America Keep Borrowing?

The debt crisis has grown far worse since 1994, when we headed a bipartisan panel. President Clinton asked us in 1994 to chair the Bipartisan Commission on Entitlement and Tax Reform to study the future of Social Security, Medicare and Medicaid and recommend measures to assure their long-term viability. Reforms of these popular programs were […]