For many Americans, the national debt—now approaching $30 trillion—is an afterthought that must always take a backseat to the social and economic problems of the day. Now, it’s the COVID-19 pandemic and recovery. Before that, it was the 2008 recession. Before that, wars in Iraq and Afghanistan. While people are suffering, who can be so callous as […]
Today, Congressman Chris Stewart (UT-02) introduced the Debt Control Through Budget Reconciliation Act of 2021. This legislation establishes annual debt-to-GDP targets that would gradually reduce the public debt over the next 30 years to approximately 50 percent of GDP (the average annual debt-to-GDP level over the past 30 years). The CBO projects that the nation’s debt to GDP ratio […]
The nonpartisan Congressional Budget Office recently released its publication, The Budget and Economic Outlook: 2021 to 2031, highlighting that during 2020 the U.S. national debt held by the public rose to 100% of GDP for the first time since the end of the Second World War. Will such high levels of U.S. debt, so worrisome in […]
The U.S. is nearing a fiscal meltdown amid a rising national debt and federal spending due to coronavirus lockdowns. The Congressional Budget Office said the national debt is on track to exceed the size of the U.S. economy this year. This may result in an even higher interest to be paid on the existing U.S. […]
Rising federal budget deficits and national debt could eat into stock market returns. By Paulina Likos and Coryanne Hicks USNEWS Jan. 25, 2021 How the National Debt Affects Investors The rising U.S. federal debt is now larger than the country’s gross domestic product. THE NATIONAL DEBT MAY seem as far removed from your investments as your parents’ debt is from your bank […]
Opinion by Steve Scalise and Tim Phillips Washington Post – Feb. 19, 2021 at 3:57 p.m. EST Steve Scalise, a Republican, represents Louisiana’s 1st Congressional District and is minority whip of the U.S. House. Tim Phillips is president of Americans for Prosperity, a grass-roots advocacy group. President Biden says the risk of coronavirus relief legislation is not in going too big […]
Economic Policy CBO’s deficit projections come the day after the Federal Reserve chair warned that unemployment remains very high By Jeff Stein Washington Post Feb. 11, 2021 at 6:56 p.m. EST America’s federal debt is set to exceed the size of the entire U.S. economy this year for only the second time since the end of […]
Business Insider, February 2021 – Ben Winck The Congressional Budget Office expects federal debt to reach 102% of US GDP in 2021. The estimate doesn’t account for the $1.9 trillion stimulus plan Democrats are set to pass. The CBO sees the debt pile then shrinking for a few years before rising into the next decade. […]
ProPublica – 1/14/21 One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by […]
By THE WASHINGTON TIMES ANALYSIS/OPINION: No expense should be spared in the battle to defeat COVID-19, but the pandemic should not serve as an excuse for unbridled government bailouts. While federal dollars necessarily flow freely to fund life-saving vaccines, debts accumulated by the nation’s students don’t deserve the same emergency treatment. Forcing all taxpayers to add […]
