- Aug 6, 2012
- 28,039
- 24,843
- 2,405
Interesting timing, $10 trillion later and just as a new president is coming in.
I, like a great man Rand Paul, believe that the U.S debt is a national security threat. Let's hope Trump can decrease this debt while also improving jobs and broadening the tax base.
U.S. General Accounting Office sounds alarm on America's insolvency
An alarming report this month from the U.S. government accountability office to Congress says “action is needed to address the federal government’s fiscal failure.”
The 49 page report, entitled “The Nation’s Fiscal Health” says, among other things, that “Congress and the incoming administration face serious economic, security, and social challenges” and “an unsustainable long-term fiscal path caused by a structural imbalance between revenue and spending.”
The more alarmist aspects of the report highlight the continuing divergence between revenue and expenses, as well as the shortfalls in unfunded Social Security obligations.
It warns that without policy changes, the U.S. debt-to-GDP ratio will surpass its historical high of 106% within the next 25 years. The report stipulates that the new urgency implied in the document is a result of a more holistic picture of the nation’s finances that has emerged as a result of analyzing both the budget and the financial report of the United States government.
I, like a great man Rand Paul, believe that the U.S debt is a national security threat. Let's hope Trump can decrease this debt while also improving jobs and broadening the tax base.
U.S. General Accounting Office sounds alarm on America's insolvency
An alarming report this month from the U.S. government accountability office to Congress says “action is needed to address the federal government’s fiscal failure.”
The 49 page report, entitled “The Nation’s Fiscal Health” says, among other things, that “Congress and the incoming administration face serious economic, security, and social challenges” and “an unsustainable long-term fiscal path caused by a structural imbalance between revenue and spending.”
The more alarmist aspects of the report highlight the continuing divergence between revenue and expenses, as well as the shortfalls in unfunded Social Security obligations.
It warns that without policy changes, the U.S. debt-to-GDP ratio will surpass its historical high of 106% within the next 25 years. The report stipulates that the new urgency implied in the document is a result of a more holistic picture of the nation’s finances that has emerged as a result of analyzing both the budget and the financial report of the United States government.
