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.
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 future where the government adopted reforms that stabilized debt at the current level of 75 percent of gross domestic product, the current path of growing spending and debt results in an annual income loss of about $12,000 for the average family by 2046.
The national debt is a real and present threat to our economy and the American way of life. Click here to help Tea Party Patriots urge lawmakers to adopt commonsense spending practices that will balance our budget within five years.