Government Spending and Debt
Over the past ten years, federal government spending has been at a higher level than it’s ever been in American history. In fiscal year 2015, the federal government spent nearly $3.7 trillion or almost $30,000 per U.S. household.
This runaway government spending leads to yearly deficits in which the government spends more than it takes in, resulting in the buildup of the national debt. Total national debt is over $19 trillion and continues to grow at an alarming rate. National debt held by the public is equivalent to 74 percent of the entire U.S. economy, higher than it’s been since the WWII era.
Out of control federal debt threatens to slow economic growth, increase inflation, discourage private investment, limit access to capital, undermine U.S. business global competitiveness, and possibly cause a financial crisis.
Congress must act as soon as possible to both lower discretionary spending and reduce mandatory spending by reforming our entitlement programs – Medicare, Medicaid, and Social Security. These programs, combined with interest on the national debt, are the main drivers of our current debt crisis and will engulf the entire federal budget in fewer than 20 years. Congress must act now to save our economy by cutting and reduce federal spending.
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