People are talking about the national debt just as the presidential campaign hits the most critical stretch. Driving the renewed interest is nonpartisan analysis on how the proposals from Hillary Clinton and Donald Trump will affect the nation’s finances.
There’s no telling when the next recession will occur, but it is a good bet that U.S. debt will be much higher than when previous recessions hit, which could cause problems.
With deficits and national debt on the rise, Congress invited us to offer some guidance. Campaign to Fix the Debt co-chair Judd Gregg, steering committee member Alice Rivlin, and Committee for a Responsible Federal Budget co-chair Mitch Daniels testified before the Joint Economic Committee of Congress.
The mounting national debt is getting harder for Congress to ignore and lawmakers are turning to us for advice.
The latest official budget numbers make two things abundantly clear: the era of declining deficits is over and the long-term national debt is unsustainable.