Op-Ed: Want To Solve The Debt Crisis? Here’s Where To Start
This article originally appeared in Daily Caller on May 16, 2023
House Republicans fired a strong opening salvo in the debt ceiling debate with the passage of the Limit, Save, Grow Act, which partners a necessary debt limit increase with a critical push for fiscal responsibility and economic growth.
The Biden administration has countered with a determined push for a “clean” debt limit increase without any of the “preconditions” that would set our nation on a more sustainable fiscal path. Unfortunately, the Biden administration’s insistence on maintaining current spending levels is marching the country off a fiscal cliff by design, particularly with the war on American energy.
As discussions continue, economic policies that embrace American energy production as the foundation of strong, sustainable growth will be critical to putting the nation back on track
Americans are bearing the burden of inflation and high energy prices while the federal government sprints toward bankruptcy. Inflation is still running at 5% year-over-year, with prices cumulatively up by a whopping 16% since January 2021.
Meanwhile, annualized GDP growth is flirting with recession territory at just over 1%. The debt-to-GDP ratio will exceed 100% next year. Interest payments on the national debt alone are now set to surpass $1 trillion by 2028. With massive government spending fueling inflation, the Fed’s resulting aggressive interest rate hikes make debt servicing even more expensive.
Furthermore, with a faltering economy, individual tax revenues are down $95 billion year-to-date.
Read full op-ed in Daily Caller