Political News and Conservative Analysis About Congress, the President, and the Federal Government
crisis that is both deep and wide. More than 43 million Americans hold some amount of student loan debt, with the amount this spring standing at more than $1.7 trillion. Credit card debt also tops $1 trillion. All told, Americans carry nearly $18 trillion in personal debt.revenues and spending will reach $1.9 trillion. On Tuesday, the Congressional Budget Office gave a grim forecast for the decade to come, projecting a $56 trillion national debt by 2034.
Yet that is so far from our reality it is hard even to consider with any seriousness. Regardless, our private and public debts will continue to inflict social and economic damage. If our trend does not change, those harms will only increase. Private debt will at some point go from crushing a family here and there to a more widespread fallout. Public debt will continue to undermine economic growth but at some point force us to make very hard choices.
Beyond the blame game, our debt crisis reveals another deficit — one of virtue. We need greater temperance to control the pursuit of our desires. Of course we must give grace for the fact that rampantand other economic problems have strained budgets, personal and public. But our glut of spending predates those, growing in good and bad economic times.and grandchildren they did not choose but which they will have to reckon with on our account. That isn’t fair and it will cause serious pain.
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