Americans want prosperity far more than they want a balanced budget. We all want a balanced federal budget in principle, but more important to voters is that their own family budget is growing.
U.S. House Republicans are in another titanic battle with President Joe Biden on how to balance the budget.
Those of us who live down in here in the real world are horrified by the fiscal future we're facing. Any week now, our publicly traded debt will exceed 100% of our total annual national output, and that percentage gobbled up by government debt is expected to accelerate from 100% of gross domestic product today to nearly 200% over the next 30 years.
That's because there isn't enough economic growth to get the revenues to catch up with the spending. Under Biden, the U.S. economy has grown at roughly a 1.5% growth path — pretty pathetic given that coming out of COVID-19, we should have been booming. Conservative and liberal economists alike have scolded the Trump-Ramaswamy strategy for concluding that "we can grow our way out of the deficit."
And if we achieve 3.5% growth, we can even reach a point where we start paying down the debt. This is called the power of compounding. This is why tax increases on investment and work are so counterproductive. Those taxes would reduce investment and growth and make a balanced budget even more unachievable. Under President Bill Clinton, we had fast growth, spending restraint, and a booming stock market; three years later, we had a balanced budget.
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