178 results for tag: National Debt


Senator Lankford releases second “Federal Fumbles” report

Sen. James Lankford (R-Okla.) recently released his second edition of “Federal Fumbles: 100 Ways the Government Dropped the Ball,” documenting wasteful government spending of the last few years. “The book highlights irresponsible grants, similar or even identical programs that exist across multiple federal agencies, and money spent inefficiently. For many of the entries, you will find legislative solutions to eliminate wasteful spending and force agencies to make more responsible decisions,” writes Sen. Lankford. U.S. national debt will round $19.5 trillion by the end of December and will reach $22 trillion within the decade, projects ...

‘Other’ spending is expanding the national debt by trillions

Think you understand the size and scope of the national debt? It’s growing much more quickly than you think thanks to the many ways the government borrows money, according to an analysis from the Washington Examiner. While most people assume the national debt grows each year because of the budget deficit, that’s not the only way that national debt expands. In the last 10 years, the national debt has actually expanded past the collective sum of adding every year's budget deficit together … by more than $3 trillion. That difference comes from two main things: Decisions related to federal lending (e.g., student loans, mortgage progra...

Senator Lankford: ‘Burdening debt’ threatens national defense

Sen. James Lankford (R-Okla.) this week announced at that, the end of the month, he will release his second annual “Federal Fumbles” report, a publication intended to draw attention to and encourage lawmakers to curb wasteful government programs that increase our debt which, says Sen. Lankford, threatens military readiness. The Daily Signal has the story: “[Addressing our national debt] should be a top priority because if we are going to look at our national defense and being able to have a strong military and a good [Veterans Affairs] program … we cannot have a burdening debt and we cannot have a rising amount of interest,” he said. ...

Policy expert: National debt ‘highly problematic’

Romina Boccia, economic-policy-studies research fellow for the Heritage Foundation, in a recent commentary piece warns that our $20 trillion national debt puts our nation in a volatile position. LifeZette has the commentary: Soon the national debt will top $20 trillion. Three-fourths of that has been borrowed from domestic and foreign investors. The rest is money the government has “borrowed” from government trust funds, like Social Security. In total, the gross national debt already exceeds 100 percent of what the economy produces in a given year (GDP) — and taxpayers are on the hook for all of it. This excessive debt is highly problem...

Average family income to drop $12,000 by 2046

The effects of overextending ourselves as a country are real and, in three decades, will emaciate Americans’ already tight family budgets. The Daily Signal has the story: But deficit spending and unsustainable debt pose a significant threat to our economy. The House Budget Committee recognizes this threat, recently releasing a working paper highlighting the damaging economic effects of the national debt. The results are scary… Academic research shows that high national debt is associated with less economic output and less prosperity for individuals and families. The Congressional Budget Office’s projections reflect this. Compared to a ...

Forbes: ‘Families struggling to pay their bills’ the ones who have the most to lose if we don’t tackle our national debt

The sheer magnitude of our national debt is mind boggling but something we have to address for the sake of our nation and for the sake of those most vulnerable in the event of a financial crisis. Forbes has the commentary: Since President Obama took office in 2009, the debt has grown by $9 trillion, or 85%. Today, it clocks in at over $19.6 trillion. In the last fiscal year alone, our national debt rose by $1.5 trillion. These numbers may seem difficult to comprehend for many families struggling to pay their bills, but it’s those individuals who could be hurt the most if we keep letting the debt spiral out of control. In 2030, by the time ...

National debt to soar to 77 percent of U.S. gross domestic product by end of fiscal year

Spendthrifts in Washington, D.C. by the end of September will have sent our national debt soaring by three percentage points to 77 percent of gross domestic product, the greatest ratio of debt-to-GDP we’ve seen since 1950 when we were still paying down debt from World War II. The Washington Examiner has the scoop: The agency projected that the debt held by the public will rise 3 percentage points to 77 percent of U.S. gross domestic product by the end of fiscal year 2016 in September. Debt has not hit that ratio since 1950, when the government was still in the middle of paying down the debt it incurred paying for World War II. Over the ...

Buchanan: National bankruptcy among ‘existential threats to the republic’

The severity of our national debt – which stands at $19.4 trillion – is being largely ignored by Congress and the media. That has to change. Otherwise, we’re headed off a cliff… The New Hampshire Union Leader has Pat Buchanan’s latest commentary on the issue:   On Sept. 30, the end of fiscal year 2016, the national debt is projected to reach $19.3 trillion. With spending on the four biggest budget items — Medicare, Medicaid, Social Security, defense — rising, and GDP growing at 1 percent, future deficits will exceed this year’s projected $600 billion. National bankruptcy, then, is among the existential threats to the ...

Calif. Rep. McClintock: U.S. national debt is ‘out of control’

U.S. Rep. Tom McClintock during a recent speaking engagement in El Dorado Hills, California underscored how severely in the hole our nation is from a financial perspective – something we’ve known for years but need Congress to act on right away. The Folsom Telegraph has the details: “Spending is out of control,” he said. The National Debt is at $20 trillion and growing, he said. In 10 years there won’t be funding for Medicare and Social Security will be bankrupt in 17 years if “we stay on the same trajectory,” McClintock said… McClintock said that “entitlement programs” cost $1 trillion a year. Examples of entitlement ...

U.S. News & World Report: U.S. ‘dangerously’ in debt

The U.S. has only to look at other nations’ financial crises to see what’s in store for us if Congress doesn’t tackle our mushrooming national debt, says one economic expert. U.S. News & World Report has the details: Recent research shows that economic growth is even more vital for a nation's ability to sustain its public debt than economists used to think. Statistical analyses reveal that many debt crises in emerging economies have been caused by declines in growth. In advanced economies, the largest increases in debt ratios occurred when policymakers mistook a prolonged decline in growth for a temporary recession, and failed to cut ...