Breaking news: The non-partisan Congressional Budget Office (CBO) now estimates that the national debt will grow to $1 million per American household and predicts the slowest extended economic growth in our country’s history.
Why it matters: With out-of-control federal spending from the federal government, at the same time debt skyrockets, our economic growth plummets – that means jobs and economic security for the American people will be lost.
If we don’t address spending, public debt will rise from 98% of our Gross Domestic Product (GDP) in 2023 to 181% of GDP in 2053 – the highest it’s been in American history.
CBO also estimates that we will only see 1.7% in growth per year over the next 30 years. To put it in perspective, economic growth has averaged 3.1% since World War II.
What I’m doing to prevent this future:
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Proposing a Constitutional amendment to require a balanced federal budget every year
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Requiring more transparency and accountability in our federal budget with the Extraordinary Measures Transparency Act
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Ensuring that the White House cannot bypass Congress to pass inflationary spending with the Reduce Exacerbated Inflation Negatively Impacted the Nation (REIN IN) Act, which passed the House of Representatives on March 1st
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Preventing the executive branch from establishing a rule without Congressional approval that would have a $100 million impact on the economy, significantly raise prices, or impact American global competitiveness through the REINS Act, which passed the House on June 14th
Bottom line: This report tells us that both parties need to come together to address spending and reduce the debt. Otherwise, we are in for very hard times in the near future. This is not what we want for our children and grandchildren.
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