What if you spent as much as you made every year? That would be really bad.
What if you spent TWICE as much as you made every year? Well, that would be suffocating.
And yet, that’s exactly the path the U.S. is on.
According to a new study by the Congressional Budget Office, U.S. debt loads will rise to two times the size of the U.S. economy by 2051. By the end of 2021, we’re already projected to have a debt load that’s 102% of our GDP or higher. By 2051, debt will be 202% of GDP. At some point, this is going to present a serious problem and could threaten the U.S. position as the world’s reserve currency.
Great societies run serious risks when they spend more than they make. The Roman Empire fell primarily thanks to its escalating–and unmanageable–level of debt.
It’s time our leaders in Washington take some responsibility and show some accountability for our nation’s balance sheet instead of trying to offer handouts and give-aways to special interests and specific states. It’s time Washington recognized that Americans do not want to suffocate under irresponsible, spendthrift leadership.