The latest polling shows that Americans are deeply concerned about their economic future and they are extremely frustrated by the inability of Washington to address these concerns. Fixing the debt can help alleviate both problems.
Lawmakers have been struggling to get much accomplished this year, but with a five-week August recess approaching, they have made progress on some must-pass measures. Even more encouraging, legislators have reduced the impact the bills will have on the national debt.
Social Security is an essential piece of the safety net, providing financial support to millions. Unfortunately, Social Security itself is in need of assistance as demographic changes in the coming years will challenge its sustainability.
A recent video produced by students at the University of Virginia effectively explains our budget and debt situation as it relates to the millennial generation (those born between the early 1980s and early 2000s).
The Congressional Budget Office (CBO) projects that even under the best case scenario, the national debt would reach 75 percent of GDP by 2039, that’s roughly twice the historical average. The worst would be debt ballooning to 159 percent of GDP by 2039.