Image by Rilsonav from Pixabay
America is falling off a fiscal cliff. Why the national debt must be erased — it adversely affects you and everyone in the nation.
Admittedly, it’s difficult to comprehend.
By surpassing $30 trillion, it’s vital to consider what the public debt means to American families, businesses, the federal budget and its relationship to the economy.
The public debt is how much the U.S. Treasury has borrowed to support the government. The debt is held by citizens, companies, pension and mutual funds, local and state governments, as well foreign countries including our adversary, China.
Gross domestic product
As a percentage of the gross domestic product (GDP), it measures America’s economic capacity to support such borrowing. The COVID pandemic exacerbated the nation’s fiscal challenges, but we were already in economic danger.
The bottom-line: America’s skyrocketing debt is an ominous threat to our economic future. The country is on an unsustainable path preventing a thriving economy and prosperity.
The out-of-control government spending must stop and fiscal cutbacks are vital.
Below is an infographic offering different ways of looking at the debt and its relationship to the economy, the budget, and American families:
The National Debt Is Now More than $30 Trillion. What Does That Mean?, courtesy of Peter G. Peterson Foundation
From the Coach’s Corner, here are addition public-policy articles:
The U.S. Debt Crisis … Does Anyone Care? — Just as your personal budget requires careful planning and spending, the nation’s debt must be stabilized to enact sound economic strategy for the future of the U.S.
Budget Cabal: Higher Debt, Taxes and Government Rule — Why you can expect dire consequences from the Biden Administration’s budgeting approach.
Perspective on the U.S. Budget and Defense Spending — The federal government’s salient responsibility to Americans is national security.
Right Thing to Do for the Economy – Stop the Shakedown — In ignoring the ever-mounting national debt, President Biden’s tax and spend policies amount to a shakedown of taxpayers.
Economic Analysis by Peter Morici — Dr. Peter Morici is a professor emeritus at the University of Maryland Smith School of Business, and former Chief Economist at the U.S. International Trade Commission.
“Our nation stands at the crossroads of liberty. Crushing national debt, rampant illegal immigration, insane business regulations and staggering national unemployment are pushing our nation into unchartered territory.”
-James Lankford
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