“As we race past $32 trillion with no end in sight, it’s well past time to address the fundamental drivers of our debt, which are mandatory spending growth and the lack of sufficient revenues to fund it,” Peterson argued.
The $32 trillion milestone came nine years earlier than forecasted prior to the COVID-19 pandemic, thanks in large part to trillions in emergency spending approved by Congress to address the economic effect of widely ordered shutdowns. The Federal Reserve’s raising of interest rates since last year to combat historic inflation is also expected to make interest payments on the national debt more costly than they have been for decades.AFP via Getty Images
The Peterson Foundation projects that without significant changes in government spending habits, the US is “on a path to add a staggering $127 trillion to the debt over the next 30 years. By 2053, nearly 40% of all federal revenues will be spent on interest alone.” The group recommends establishing a bipartisan fiscal commission “to look at all parts of the budget” for cuts.
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