President Trump’s first full budget was unveiled yesterday. It has the worthy goal of reducing the national debt as a share of the economy, but how it gets there needs more work.
Everybody wants to grow the economy faster, and with good reason. In addition to improving incomes for Americans, more growth will also help fix the debt. However, some politicians are making unrealistic promises about how much growth can be achieved.
We have the official forecast of what the national debt will look like in the years to come if we don’t fix the debt, and it is dire. While the prospect of debt growing indefinitely from already historical highs is cause enough for concern, the outlook is even more daunting when we put the numbers in human terms.
Last week, Congress finally settled federal government spending for this fiscal year...seven months into it. Now, it already finds itself behind in addressing the budget for the coming year. However, what is even more troubling is that all the time and effort is being spent on a small and diminishing share of the budget.
The tax reform outline recently released by the White House is very light on details. As the holes are filled in, here is what should be built on and what needs to be drastically improved.
National Debt and You