If our households operated the way the United States does, members of our extended families would be planning an intervention to get us to see the error of our ways.
Fifteen years ago, our household was on track to pay off our assorted debts. We were doing that by spending less than the paychecks we brought home.
But now our household finances are in shambles. We gave up our fiscal discipline two decades ago and decided we could afford to be more freewheeling with our money.
The Concord Coalition is a nonpartisan, grassroots organization that educates the public and policymakers about the causes and consequences of government budget deficits and debt. The coalition’s Robert Bixby called the tax bill “fiscally irresponsible.”
He said, “This plan would move U.S. fiscal policy in a dangerous direction, openly inviting higher deficits in the face of unsustainable debt.”