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.
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 problematic. The Congressional Budget Office warns that the nation’s current debt trajectory will lead to higher interest costs, lower wages and productivity, a reduced ability to deal with national security and economic challenges, and a greater risk of plunging into a full-fledged Greece-like fiscal crisis.
Moreover, it’s immoral to consume today’s resources and leave younger and yet-unborn generations with the bill.
Even those at the Congressional Budget Office have admitted if we continue to rack up debt, we will be in for a world of hurt not unlike the crisis facing Greece. Click here to help Tea Party Patriots push for a commonsense spending plan that would balance our budget within five years!