America’s fiscal future is in peril. At $67,000 for every American, the $22 trillion national debt is larger than what the typical American household earns in a year. At the same time that federal debt is growing rapidly, politicians on both sides of the political aisle are making grand promises for new spending.
On Tuesday, June 4, Heritage hosted a discussion on the national debt with Romina Boccia, director of Heritage’s Grover M. Hermann Center for the Federal Budget; David Ditch, research associate at the Hermann Center; and Marc Goldwein, senior vice president and senior policy director for the Committee for a Responsible Federal Budget.
“We are the world’s strongest economy – we are not going to default on our debt,” said Marc Goldwein. “But, if we continue on our current course, we could cause a global financial crisis, we could cause an inflation crisis, we could cause an austerity crisis. I don’t know how it will play out, but I don’t really want to find out.”
The Heritage Foundation has charted a path toward fiscal balance: don’t forget to check out our recently released Blueprint for Balance: A Federal Budget for Fiscal Year 2020.
What would you like to see Congress and the president do to reduce the national debt?