Lawmakers must spend the next two and a half years reining in their own profligacy, at least a little, writes QuinHillyer. 'After that, though, only major systemic reforms can save us.'
Counting only debt held by the public — which is some 20% lower than total government debt, including intragovernmental transfers — CRFB says that absent strong corrective action, the federal debt is likely to reach 125% of gross domestic product within a decade. Most nations are in a serious danger zone for economic collapse when debt exceeds 100% of GDP.
Then, President Joe Biden and the Democratic Congress went on another spendathon, making long-term prospects even worse. The question then becomes what to do about all this. As I noted in a Feb. 15 column, the CRFB, the Heritage Foundation, and I are among the many who have proposed numerous ideas to stem the spending riptide that threatens to drown us all. The semi-good news is that small adjustments in government spending formulas combined with mild discretionary spending caps could keep today’s debt levels from metastasizing quite as badly as CRFB projects.
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