With Budget Problems Looming, Fewer Americans Care
Tax hikes and budget cuts are only temporary fixes.
The Congressional Budget Office released a report on the future of the federal government’s budget and the projections aren’t good. In 10 years, the federal government could hold a $30 trillion pile of debt, the Washington Times reports. That means any meager gains in fiscal responsibility made under the Republican Congress tugging on the purse strings to reduce the deficit will vanish. During the Obama administration, the amount of money the government spent while exceeding its budget declined, though it helps that he quadrupled the deficit before lowering it. In the 2015 fiscal year, we had a deficit of “only” $439 billion. But in the 2016 fiscal year, that number is supposed to climb to $544 billion, and the CBO sees more fiscal irresponsibility in the future. The solution includes searching for candidates with the fiscal chops to tackle the problem. However: “Voters care more about the economy and terrorism, and there’s good sense to that,” The Wall Street Journal editorial board opined. “The deficit will never vanish without faster economic growth, and the various tax reform plans that Republicans are offering would spur growth. By all means let’s debate growth.” But that might not be enough. For a dramatic shift in deficit reduction, the nation needs to take a difficult look at programs like Medicare, Medicaid and Social Security, the programs contributing most to the national debt, according to The Heritage Foundation’s Romina Boccia. Tax hikes and budget cuts are only temporary fixes; what this nation needs is reform.