Responsible ways to stop digging the debt hole

Economics, Policy — By on July 20, 2010 at 12:07 PM

(The Heritage Foundation) When Gallup recently polled Americans on the biggest threat to America’s future well-being, the escalating national debt tied terrorism at the top.

They’re right to worry. Washington’s debt is on a completely unsustainable path. The Congressional Budget Office projects that the national debt held by the public — which stood below $6 trillion as late as 2008 — will top $20 trillion by the end of this decade if President Obama’s budget is implemented. At 90 percent of the economy, such debt levels would risk large increases in interest rates and tax rates, and could also result in a Greece-like economic crisis. Beyond our own economic consequences, dumping this staggering debt load on future generations would be absolutely immoral.

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