MY WEEKLY COLUMN: CONGRESS NEEDS A DOUBLE DOSE OF FISCAL RESPONSIBILITY
Over the last several weeks, we’ve received negative reports and forecasts about the economy and our fiscal outlook. Inflation rose in September – opposite expectations – and was up 2.4% from just a year prior while the National Federation of Independent Business’s Small Business Optimism Index registered at 91.5 in September, which is the 33rd consecutive month under the 50-year average of 98.
At the same time, the nonpartisan Congressional Budget Office released its final report for Fiscal Year 2024, which confirmed my fears about our long-term fiscal trajectory. Our federal budget deficit eclipsed $1.8 trillion for FY 2024 – an 8% increase from last year – and our federal spending jumped by $617 billion, or 10%, compared to last year. Even more alarming, American taxpayers were forced to shell out nearly $1 trillion just to finance the interest payments on our almost $36-trillion national debt.
These figures are a recipe for economic disaster and underscore the urgent need to get our fiscal house in order.
Read more in my weekly column below.
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