And the question, as always, is how many Americans know these facts? Not enough. Here’s Justin Bogie writing at The Daily Signal:
On Tuesday, the Congressional Budget Office released its preliminary budget and economic outlook for 2016-2026. The report shows that despite temporary improvements over the past few years, the country continues to be on an unsustainable budget path.
From the report it remains clear that our nation is on the wrong path.
Spending, deficits, and debt are expected to expand significantly over the next decade, while entitlement and interest spending will continue to consume more and more of the budget. It is time for Congress to take steps toward fixing the country’s spending problem and put us back on a path to secure economic growth and opportunity for future generations.
Here are five key findings from the report:
1. Spending Continues to Skyrocket
CBO projects that spending will rise from $3.7 trillion in 2015 to $6.4 trillion in 2026; spending will exceed 23 percent of GDP in 2026 (2.8 percentage points above the 50-year historical average).
This represents an increase of more than $2.7 trillion over the next 10 years, outpacing the growth of the economy over the same period of time. The largest drivers of growing spending are entitlement programs such as Medicare, Medicaid, Obamacare, and Social Security.
Another concerning factor is growing interest on the debt. Spending on interest has climbed steadily over the past several years and could soon surpass what is spent on national defense and other priorities.
Here’s the rest of the list — follow the link after to read what follows each of these:
2. Deficits Will Again Rise to Unsustainable Levels
3. Our National Debt Will Soon Consume the Economy
4. Increased Revenues May Increase the Spending Problem
5. A Weak Labor Market Is Weighing Down the Economy
Read more: The Daily Signal
Image credit: www.townhall.com.