economy
What would happen if we balanced the budget?
If our citizens understood the dangers we are facing with our wild, out-of-control spending and the enormous advantages of a balanced or near-balanced budget, we might get support for fiscal sanity in Washington.
TL;DR
- US faces extreme danger from out-of-control spending and rapidly growing debt.
- Projections show debt rising to $64 trillion (137% of GDP) in 10 years, excluding unforeseen costs.
- Unfunded obligations approach $100 trillion.
- Debt Ponzi scheme could collapse if investors stop buying US debt.
- Balancing the budget would boost economic growth, lower inflation, and reduce interest rates.
- Post-WWII era demonstrated benefits of fiscal responsibility with high economic growth.
- Ignoring the debt problem is dangerously wrong and makes solutions harder.
- Fiscal responsibility is essential for long-term economic prosperity and avoiding catastrophe.