By CASEY HARPER | THE CENTER SQUARE
Budget groups continue to release dire forecasts for the explosive growth of the U.S. national debt.
The U.S. Treasury reported a $1.4 trillion deficit so far nine months into fiscal year 2023.
“Three-quarters into the fiscal year and we’re borrowing an astounding $5.1 billion per day,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “If that isn’t a sign that we need a wake-up call, maybe it should be the fact that the deficit for this fiscal year is now larger than all of last year’s deficit – and there’s still three months to go.
The U.S. Congressional Budget Office released a report earlier this year projecting the national debt will be nearly twice as large as the U.S. economy in 30 years.
“By the end of 2023, federal debt held by the public equals 98 percent of GDP,” the report said. “Debt then rises in relation to GDP: It surpasses its historical high in 2029, when it reaches 107 percent of GDP, and climbs to 181 percent of GDP by 2053.”
CBO also reports that deficits will likely rise as well.
“In CBO’s projections, the deficit equals 5.8 percent of gross domestic product (GDP) in 2023, declines to 5.0 percent by 2027, and then grows in every year, reaching 10.0 percent of GDP in 2053,” the report said. “Over the past century, that level has been exceeded only during World War II and the coronavirus pandemic.”
As The Center Square previously reported, the cost of interest payments on the national debt will exceed the cost of U.S. funding for national defense within a decade.
In fact, federal spending trends show interest payments on the national debt will soon be the largest expense of the federal government.
The CRFB said in a report released last week that “by 2051, spending on interest will be the single largest line item in the federal budget, surpassing Social Security, Medicare, Medicaid, and all other mandatory and discretionary spending programs.”
Lawmakers have raised concerns about this issue but a dramatic cut in spending to pay down the debt is far from getting traction.
“The federal government borrowed $2 trillion over the past 12 months. That’s $63,000 per second,” said Rep. David Schweikert, R-Ariz. “It’s delusional to think our debt doesn’t matter when America’s working class suffers the consequences.”
MacGuineas also said that the trust funds for Medicare, Social Security and highways “will face insolvency” within a decade.
“With unsustainable borrowing, rising interest costs, and looming insolvency of the trust funds that support some of our nation’s most valued programs, the outlook for our fiscal health has been in decline for far too long,” she said. “We need to turn the tide and work towards further reducing deficits and putting the national debt on a downward, sustainable course.”
These local leaders know what they need to do. Communities Stop lobbying for government money every year. Learn to live on what your community takes in from its revenue sources. If communities come up short then reduce non profits and government employees (they’ll be fine, they’ll find another job even if they have to move to another community) until private businesses are building, producing, and selling products outside to increase the community’s budget for program services, transportation, maintenance. No complaint, local leaders know what needs to be done. They just look more stupid than they actually are to be complaining spending is out of control and not reducing non profits and government employees. The public like me can’t go anything about it, we not local leaders. I work and I do what I can try not to use any government aid including my medicaid. I paid for my own eye visit and contacts, it was all together 300 and something off change. Ball’s in the court of our local Alaskan leadership. Just like reducing child trafficking, the ball is in the public’s court, how will the public mostly men reduce child trafficking? Since most of these children are trafficked for the purpose of porn use how will men hold one another accountable.
Ok Now back to work serfs. The “Big Guys” pockets arent bulging enough.
Crack the whip while we whiff it up here at the west wing!
It’s all fiat pseudo-money anyway. A billion or a trillion or a quadrillion, it’s all fictional, and the entire fiat monetary (sic) system is heading for an imminent crash anyway.
US should do what any bankrupt company does – sell assets and stop spending. It’s pretty simply.
Build Back Better. Uncle Sam will confiscate everything you own ( your fair share ) and it still won’t be enough. Who is John Galt?
I thought taxing the rich was going to pay off the debt?
The government should borrow more. Like Jefferson said it’s fake money anyway. Let’s get to the end game and borrow print and steal more money. When it crashes we need to go see all the rich and politicians and collect from them.
Is there a party of fiscal responsibility out there? The dems never have been. The repubs are more focused on culture wars. Does anyone want to run an effective, budget balanced government? I’d consider voting for that person.
Our City, State and Federal governments need to face insolvency! Especially since they are unable or just too greedy to pay attention to basic math. Disgusting! I pray all of the politicians who call themselves “public servants” while lining there own pockets get everything they have coming to them.
There is NO way this government “it’s people” can sustain this debt, period. We will default in the very near future.
And most so-called “paper wealth”, along with most or all pensions, savings and investments will go with it. It’s going to be grim.
Yup. My hope is I’m old enough to not see the collapse.
My kids are screwed, however.
Honestly, I don’t care anymore. No one in DC, left or right, gives a damn.
They are gonna spend us into oblivion, no matter what we say. And at least half of America will cheer them on.
I’m resigned we are gonna Soviet style collapse. So I’m not worrying about something I can’t control.
Alaska is part of the problem because we sent Mary Peltola to Congress Congress holds the Purse Strings to Government spending. We need a Fiscal Conservative to be Representing Alaska. When Kelly Thishbaka worked in D.C. her job was to. hold Government Agencies ACCOUNTABLE for their spending. She was a Watch Dog with a Bite. We need Kelly to be our Voice in Congress. She is the only person who can beat Mary. If we as a Nation continue No Growth Deficet Spending, we will Tank our Economy. The same goes for our State’s Economy.. if we don’t fight for our Freedom we will lose it. Our first go to weapon is our Ballot
Can you site examples of her effectiveness in said roll?
Howdy MA. Do your own research.
Kelly enters this race you hand it to Peltola. NB3 is in. He’s the only one that beat Peltola in the head to head. Run someone who splits the vote and the DNC will laughing all the way to the bank. Mary has innate skills-and charm – they lucked out there- but she’s not with Alaskans on 80% of the issues. She’s not invulnerable yet. Run a second conservative again? You’ll hand this to the left and make her a lifer and will have confirmed the idea some hold that this is one of the weakest willed electorates in the country. Time to play smart. Pick on, rally behind them, and show up.
Howdy Lawrence. The first vote to take place will be the Jungle Primary, where maybe 50 people will be on the ballot, the top 4 go to the next round The old Republican Party Primary is Dead and Gone. Mary, Sarah, Nick, and Kelly would would need to at least come in 4th to move into the next round. If Nick, Sarah and Kelly are in the top 4, they should meet, and cut cards to see who goes One on One with Mary. That’s why Gross and the other Gal dropped out, giving Mary a clear shot, while Nick and Sarah divided each other.
I would agree with you that the ballot is our first weapon, but that would require the procedures in the voting process to be sound. They are not. Until we fix the questions that have been swirling around voting during every election cycle, we’re subject to problems and stuck with whomever the ones that count the ballots select.
Didn’t Yellen return with no deals? After her careful and inappropriate obeisance to China VP? We will have to all mind our own business for a while.
In the Valley people PUSHED to adopt a Hand Count only for local elections—-No Machine Count and Got It This can be implemented throughout the State if Workers not Criers got involved. You want things Fixed, then Roll Up Your Sleeves and fix it. Unfortunately Lazy Alaskans have Elected the UNIPARTY to control their money and freedom.
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