The Plan to Save America from Bankruptcy
Frederico Bartels, Justin Bogie
economy, Americas
The only thing that can undo the Republic in the long-run is Washington's reckless spending.
In November 2017, Howard Shatz highlighted a problem that the United States continues to avoid at its peril: the enormous—and swiftly growing debt accrued by the federal government. Shatz concluded his realistic assessment with this observation:
Without a serious approach to the deficit and debt, the United States faces a future of slow economic growth, reduced military spending, growing challenges to its credibility as a security partner, and reduced international influence.
How Washington handles America’s fiscal problems will, indeed, define the future of the United States as a superpower and as a country. If Americans remain unwilling to control the national debt level, Washington will lose its ability to shape the international system—a situation that would ultimately threaten America’s viability as a nation.
As put by the U.S. Congressional Budget Office (CBO), “A large amount of debt could also harm national security by constraining military spending in times of crisis or limiting the country’s ability to prepare for a crisis.” As Shatz points out, every CBO long-term budget outlook since 2011 has carried a similar warning.
While Shatz accurately diagnoses the problem, his proposed solutions are short on specifics. Enter The Heritage Foundation’s FY 2019 edition of Blueprint for Balance. It offers a clear and precise way to address America’s budgetary shortcomings and balance the budget in fewer than ten years.
The Root of the Problem
Read full article