Chase Hagaman, the New England Regional Director of The Concord Coalition writes about the need for renewed efforts to discuss and act on the current trajectory of the national debt.
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We could have a hearty debate over which political party is most to blame for our debt issues, but the facts are not up for debate. Increases in federal spending are outpacing economic growth and revenue generation. Annual budget deficits are widening, and the debt.
There are numerous important issues on which we need to do better. Many are being discussed at the local and national level. But one of the biggest issues - literally - that has not been discussed in any real detail is the nation’s $22 trillion total debt.
Another fact to consider: the last time our country saw more responsible, long-term fiscal policy that produced balanced budgets and surpluses was also largely a time when divided government formed policy in Washington. Meaning, opposing political parties controlled competing parts of the government and they had to compromise. is growing rapidly.
More than stump speeches and political rhetoric are needed. Policymakers and presidential candidates from both parties should put pen-to-paper on plans to address present and future challenges, like the national debt and the core drivers of our unsustainable budget path. Then, with bipartisan support, act.