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Civitas Outlook
Topic
Economic Dynamism
Published on
Dec 23, 2024
Contributors
Andrew Johnston

The Presidential Solution to Taming the Growing Federal Debt

Contributors
Andrew Johnston
Andrew Johnston
Non-Resident Senior Fellow
Andrew Johnston
Summary
Only presidential power can tame America's massive federal debt.
Summary
Only presidential power can tame America's massive federal debt.

If compound interest is the most powerful force in the universe, America is on the wrong side of it. At more than $36 trillion, the federal debt is high and growing faster than we can afford.

Interest alone will cost $1.2 trillion this year, adding substantially more to the debt. Unaddressed, this escalating debt spiral threatens both the financial system and basic government services that millions of Americans rely on.

The crisis stems from congressional incentives, which are no longer balanced by healthy checks from other branches.

Currently, congressional incentives are all geared for immediate local spending and not for long-term national health. Representatives are elected to represent local constituents, not national interest. With hundreds of lawmakers involved, no one can be held accountable for spending. And their short, two-year terms encourage immediate spending over long-term sustainability. Their incentives virtually guarantee budget failure.

Continue reading the full article at The Hill

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