While President Trump and others usually focus on how economic growth can help reduce the debt, which is true, the relationship works the other way as well. Getting the debt under control can help grow the economy and improve the standard of living for all Americans.
The tax debate is moving forward in Washington, but lawmakers may be going in the wrong direction when it comes to the national debt. Anyone who laments the gross debt surpassing $20 trillion cannot support tax cuts that explode the debt in their next breath.
The United States just hit a sad milestone as the gross national debt exceeded $20 trillion. Although that isn’t the best measure of the nation’s debt burden, it is serving a useful purpose by drawing attention to the fact that the debt is at record levels and growing unsustainably.
Things are hot and heavy in Washington in the middle of summer with lots of action on issues affecting the budget and debt. The forecast calls for deficits and debt to rise considerably but the outlook for producing next year’s budget remains unclear. Here’s your fix for the latest developments on the federal budget and national debt.
Federal Reserve Chair Janet Yellen made it clear in congressional testimony that the national debt is on an unsustainable path that policymakers must address.
National Debt and You