While We All Gawk at the Political Circus, Our Fiscal House Is Falling Apart

Debt and deficits are not exciting issues, but they’ll have a huge impact on our future.

NRPLUS MEMBER ARTICLE I n what was little more than a footnote amid the noise of impeachment and the continuing chaos of the Democratic primaries, late last month the Congressional Budget Office officially announced that for the first time since 2012, our annual budget deficit will top $1 trillion. Even worse, our fiscal house is set to remain in abominable shape for the foreseeable future: The CBO projects that the deficit will average $1.3 trillion from 2021 to 2030 and that the current $22 trillion gross national debt will reach $36.2 trillion by 2030.

None of this concerns the Democratic presidential candidates, of course. They’re …

Michael TannerMr. Tanner is the director of the Cato Institute’s Project on Poverty and Inequality in California and the author of The Inclusive Economy: How to Bring Wealth to America’s Poor.


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