U.S. Debt Set to Skyrocket
The Washington Times recently reported the CBO is projecting Washington’s debt to reach 200 percent of GDP in fewer than two decades.
But even more significant than this are the harsh reviews the CBO has for Congress’ response to the economic downturn, calling it “devastating”:
Federal debt as a percentage of GDP — a standard measure of a government’s debt burden — stood at 40 percent at the end of 2008. But it will top 70 percent by the end of this year, and is only headed higher unless Congress changes course.
Obviously, the federal government’s reckless policies of spend-your-way-to-prosperity are failing and bringing all of the United States down with them.
The problem is not just that spending is too high, but that government is far too big, and the whole operation needs to be returned to its constitutional boundaries. The "nanny state" needs to end, and the principles of federalism need to be restored. Otherwise…