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Let's Cut Some Spending: We are living through a time of unprecedented debt

Updated: Dec 8, 2023

Public Domain

In our Let's Cut Some Spending series, ForAmerica chronicles the many ways Washington wastes YOUR tax dollars - and as you’ll see, the list is endless.

We are living through a time of unprecedented debt.

Citizens Against Government Waste reports:

Washington has a spending problem, and that problem has led to an unprecedented amount of debt. Congress’ spending spree in recent years has led to record-high inflation, higher interest rates and now even bigger and more expensive government debt. As interest rates and government debt continue to grow, the taxpayer’s burden of paying the interest on the debt will be greater than every individual federal program by 2051. In 2025, interest will surpass all spending on defense. The cost of paying government debt is a ticking time bomb and if Congress does not cut spending, every Americans’ finances will be swallowed up by the interest costs.
The increase in debt did not happen overnight, but it was exacerbated when Congress enacted a series of massive trillion-dollar-plus spending bills to provide “relief” during and after the COVID-19 pandemic. While this spending did provide some critical relief, it also brought on inflation and forced the government into even more debt. According to the Congressional Budget Office (CBO), government debt held by the public is expected to nearly double over the next decade, rising from $24.3 trillion at the end of 2022 to a whopping $46.4 trillion at the end of 2033. The total debt at the end of 2033 would be 118 percent of the country’s Gross Domestic Product (GDP), which is 21 percent higher than it was at the end of 2022.

The report added:

Despite the critical threat that government spending and debt pose to the country’s future, elected officials continue their spendthrift behavior.

Joe Biden and his party have shown no concern for our spending problem and we know past Republican administrations have also been culpable.

But if Democrats are never going to cut, doesn't that responsibility naturally fall to Republicans willing to actually do it?

This is not a far off problem to be addressed in the future - solutions need to happen now.


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