From Heritage:
Remember the debt? That $17 trillion problem? Some in Washington seem to think it’s gone away.
The Washington Post reported that “the national debt is no longer growing out of control.” Lawmakers and liberal inside-the-Beltway organizations are floating the notion that it’s not a high priority any more.
We beg to differ, so we came up with 17 reasons that $17 trillion in debt is still a big, bad deal.
1. $53,769 – Your share of the national debt.
As Washington continues to spend more than it can afford, every American will be on the hook for this massive debt burden.
2. Personal income will be lower.
The skyrocketing debt could cause families to lose up to $11,000 on their income every year. That’s enough to send the kids to a state college or move to a nicer neighborhood.
3. Fewer jobs and lower salaries.
High government spending with no accountability eliminates opportunities for career advancement, paralyzes job creation, and lowers wages and salaries.
4. Higher interest rates.
Some families and businesses won’t be able to borrow money because of high interest rates on mortgages, car loans, and more – the dream of starting a business could be out of reach.
5. High debt and high spending won’t help the economy.
Journalists should check with both sides before committing pen to paper, especially those at respectable outlets like The Washington Post and The New York Times. A $17 trillion debt only hurts the economy.
