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National debt projected to grow faster than the economy — forever
Two authors from the Committee for a Responsible Federal Budget have penned an op-ed about America’s alarming $1 trillion dollar annual deficits, the amount that federal spending exceeds revenue each year. The overspending is just added to the existing $22.3 trillion national debt. Never before in such a period of economic prosperity has America had such high deficits. The solution will require tax increases and massive spending cuts, including to very popular programs. The authors note more than $2,000 of each American’s tax bill this year went just to interest payments on the debt. The current path will soon mean more spent on interest each year than on the military or Medicare. Read full op-ed here.