Money

The Federal Government’s New Year’s Resolution

It should be to cut spending, especially by reforming entitlements.  In fact, they should resolve to do this soon and honor those reforms far into the future.

Just look at this Heritage Foundation chart:

The federal government has done a great deal of harm to the American people by driving up the debt.   “As it is, children born in the United States today—who won’t pay taxes for years yet—are saddled with a more than $50,000 share of the national debt.”

Heritage’s Romina Boccia reminds us that historically, from 1959-2008, all federal spending has amounted to 18.1 percent of Gross Domestic Product (GDP) each year.  According to the Congressional Budget Office, spending is expected to surge to 35.7 percent of GDP by 2037.

Of course, it’s “[f]ederal spending on entitlements and interest on the debt drives the federal budget crisis,” and we will remain in an ever-worsening crisis “as long as [lawmakers] neglect to address the structural problems in the entitlement programs that are driving the nation deeper and deeper into debt.”

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