In the mood for a creepy story? We have one for you, derived from a popular TV show.
The two political parties are too busy with partisan warfare to address rising deficits. The Congressional Budget Office predicts that annual deficits will surpass $1 trillion by 2022. But some recent analyses say it will happen sooner.
High and rising national debt will slow economic growth and wages, meaning the income of American workers will suffer. Families will also see home, auto, credit card, and educational loans become more expensive, affecting quality of life. And investments that can build a brighter future will be curtailed.
Will leaders arise to fix the debt, or will we just keep mindlessly making things worse?
Congress is considering tax cuts that would add to the already unsustainable debt situation, which would make matters worse. While real tax reform is needed, it must be done in a way that improves the tax code and does not add to the debt.
It’s a scary story, but it can have a happy ending if our leaders work together and fix the debt.
National Debt and You