The nonpartisan Concord Coalition, a nationwide fiscal policy organization, issued a statement last month about the alarming deficit increase.
“What makes the Fiscal 2018 numbers particularly troubling is that they show a worsening picture despite a strong economy,” said Robert L. Bixby, executive director of The Concord Coalition. “Rather than taking advantage of this strong economy to improve the fiscal picture, Washington over the past year has made the situation worse.”
The coalition outlined in plain English seven reasons why you should be concerned about federal budget deficits and the ballooning national debt:
• 1.) Higher deficits mean more of your tax dollars will be used just to pay interest on the national debt.
• 2.) Pressure on interest rates could slow economic growth, lower salaries, risk recessions, cause job losses and lower U.S. living standards.
• 3.) We are passing on an enormous financial burden to younger Americans.
• 4.) Bigger deficits will make it more difficult to repair Medicare and Social Security.
• 5.) Large tax increases are likely at some point in the future.
• 6.) Deficits could create instability in the financial markets, making it difficult for average Americans to invest to buy homes, send their children to college and save for retirement.
• 7.) High deficits could make it more difficult for Washington to deal with unanticipated emergencies that could affect virtually all Americans.