Congress App and Looming Federal Debt Crisis
We have put together a summary, using Private Enterprise Research Center, Congressional Budget Office, and our own internal research, of the growth of the Federal Debt, including both nominal debt, and "off balance sheet" totals.
The challenge we face is the debt total now equals $43 Trillion, equivalent to $341,000 per household in America. Half of that is unfunded entitlement liabilities, largely Medicare and Social Security. The nominal debt alone is at levels only reached in wartime during WWII, and worsening fast. It's equal to our whole economy. The unfunded Social Security and Medicare is again the same size, and also getting worse.
Solving this matters to both our young, who have gotten the can kicked down to them, our workers and companies, who face potential higher taxes down the road to pay for it, and our senior citizens, whose Medicare and Social Security are at risk from inflation, taxes, and benefit cuts, if we delay solving it until too late.
I have made out of control debt a major campaign issue, as I am not ok with anyone kicking the can down the road to by 3 and 5 year old daughters. And not ok risking our retirees financial future so our politicians can spend more money to stay in office. The spending gap, debt and deficits have simply worsened under an all Democratic Congress and White House, under an all Republican one, and when split. Both deficits and spending have literally gone up in every major category, every year since Beto and Ted got into office. 20% in total in the last 6 years, before the next spending increases. Have you gotten 20% more income?
The icing on the cake: The spending plan and tax cuts our elected officials just signed us up for - is another $12 Trillion in the next 10 years in deficits. That's averaging 20% of total government spending, equals $100,000 new debt per American family, and is larger than the entire GDP growth in that decade. Regardless of whether you are Right, Left, Libertarian, or Independent - this has to be fixed. The "small government" "fiscally conservative" Republicans railroaded the tax cuts through no purposes days before their own accountants could finish the analysis showing how bad it was. Republicans voted for the spending increases as well.
And no Republicans - you can't grow your way out when you add debt faster than you add GDP.
And no Democrats, single payer healthcare isn't the answer when you aren't even fully funding our retirees' retirement and Medicare today.
You have no moral right kick the can down the road to my daughters and dump your debt mountain on them before they start in life.