This crisis is flashing danger and America must change course or our children will pay
Massive $31-trillion-plus national debt eclipsed the size of the largest economy in the world – ours
https://www.foxnews.com/opinion/thi...-america-must-change-course-children-will-pay
Over the next decade, according to the nonpartisan Congressional Budget Office, our annual deficits will double, our interest payments will triple, and for every dollar we borrow, 50 cents will go just to paying interest on this debt.
In just 10 years, interest payments alone will exceed what we
spend on our entire national defense.
The only other time in American history that our debt-to-GDP ratio has been this high was in the aftermath of World War II. We were able to recover from that because we had the will to reduce our spending and the policies to grow our economy back to a healthy balance sheet.
Today, the road ahead is more dangerous due to potholes Washington created – potholes the size of swimming pools.
The nation’s fiscal outlook is rapidly deteriorating following a two-year avalanche of new spending that added more than $6 trillion to our national debt and triggered painful, historic levels of inflation.
Reckless spending and record inflation have left a trail of economic destruction for working families and small businesses in the form of shrinking paychecks, soaring interest rates, labor shortages, and a whole generation of Americans trapped in a cycle of poverty and government dependency.