Despite the fact that the government is raking in the most tax revenue in U.S. history, federal spending is rising even faster and debt is quickly climbing out of control. In other words, the federal government is living well beyond its means. The unfortunate reality of this untenable cycle is that future generations will face higher taxes, towering debt, and less opportunity.
A recent Congressional Budget Office (CBO) report solidifies just how dire the national debt situation really is — sounding the alarm for Washington to swiftly act before it’s too late. According to the non-partisan CBO, deficits are expected to average $2 trillion per year for the next decade. In fact, projections reveal the federal deficit will exceed 5% of U.S. Gross Domestic Product (GDP) every year for the next 30 years. Alarmingly, there have never been more than five successive years of deficits this high.
To make matters worse, our nation is expected to face the slowest population growth in American history through 2053, less than 4% per decade — which marks just half the growth of the previous low during the 1930s. Combined with diminished funding, this population growth projection raises serious concerns about support for insolvent programs.
As you likely know, our national debt is only expected to exacerbate. The CBO anticipates that our debt will reach a whopping $154 trillion by 2053. Of course, this is if the country doesn’t experience a financial collapse first. To put this number in perspective, this projection is equivalent to more than $1 million per American household. Based on the CBO’s analysis, this massive debt increase would require an average yearly debt ceiling increase of $4 trillion.
Folks, this is simply unsustainable.
Year after year, Washington’s irresponsible budgeting has only worsened our egregious and growing debt. Yet the failed economic policies and runaway spending over the last two years under one-party Democrat rule have significantly intensified the grim economic outlook. In fact, legislation enacted since President Biden took office has increased spending projections by $6 trillion over the next decade, while executive actions have boosted spending by more than $1 trillion throughout the same timeframe.
Now more than ever, Congress must fight for fiscal sanity in Washington. We need to be sensible, reasonable, and responsible about our nation’s finances in order to get our economy back on track for generations to come. Please know that as a new member of the House Appropriations Committee, I remain committed to reducing senseless spending and practicing fiscal restraint to reduce our ballooning debt and deficits.
