Spending more than what you produce. Sounds familiar……….The Congressional Budget Office gave us a glimpse on Tuesday.The non-partisan government agency released its annual “Long-Term Budget Outlook,” crunching the numbers to figure out what current government spending will cost us 25 years down the road. Its findings are, in a word, terrifying.The CBO estimates that the federal government will continue to spend significantly more money than it brings in through taxes — hundreds of billions every year, to be precise.As a result, America’s national debt, already at more than $18 trillion, is going to grow faster and faster.Over the next 10 years, the CBO projects that Washington’s wasteful spending will add an additional $7.4 trillion to the debt.By 2040, America’s national debt could rise to well over $54 trillion — more than triple what it is today.What does this mean for the rest of us? In short: slower economic growth, higher taxes, lower incomes and a government that can’t afford to fulfill its most basic responsibilities.http://news.investors.com/ibd-editorials-on-the-right/061915-758144-federal-debt-growing-faster-beyond-18-trillion.htm#ixzz3fBXT0g6h
Spending more than what you produce. Sounds familiar……….The Congressional Budget Office gave us a glimpse on Tuesday.The non-partisan government agency released its annual “Long-Term Budget Outlook,” crunching the numbers to figure out what current government spending will cost us 25 years down the road. Its findings are, in a word, terrifying.The CBO estimates that the federal government will continue to spend significantly more money than it brings in through taxes — hundreds of billions every year, to be precise.As a result, America’s national debt, already at more than $18 trillion, is going to grow faster and faster.Over the next 10 years, the CBO projects that Washington’s wasteful spending will add an additional $7.4 trillion to the debt.By 2040, America’s national debt could rise to well over $54 trillion — more than triple what it is today.What does this mean for the rest of us? In short: slower economic growth, higher taxes, lower incomes and a government that can’t afford to fulfill its most basic responsibilities.http://news.investors.com/ibd-editorials-on-the-right/061915-758144-federal-debt-growing-faster-beyond-18-trillion.htm#ixzz3fBXT0g6h