We need to get the United States on a better fiscal track.
) left many with losses. Federal spending is also up from last year as inflation caused Social Security and Medicare costs to rise, and as President Biden’s green energy plan and bipartisan industrial policy and infrastructure programs ramp up., meaning it will be higher as a percentage of the U.S. economy than even World War II’s peaks. And it will only get uglier from there if politicians continue to ignore it.
For now, there are many eager buyers of U.S. debt. But as recently as May, the Congressional Budget Office wasn’t predicting the deficit would top $2 trillionAs the government borrows more money, interest costs swell. That means less money for anything else: defense, education, roads and other priorities. It’s also harmful to the wider economy as more investor money goes to support basic government functions instead of funding start-ups and existing business growth.
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