A Debt-Ceiling Breach Would Be Disastrous – WSJ
Lawmakers should defuse the crisis first, then negotiate long-term spending cuts.
By William A. Galston | The Wall Street Journal, Jan. 24, 2023 – Excerpts:
…… According to recent estimates from the Committee for a Responsible Federal Budget, the annual budget deficit will rise to $2.4 trillion by 2032. The U.S. is on course to add more than $17 trillion to the national debt over the next decade, causing the debt-to-GDP ratio to rise from under 98% to a record 116% while interest payments on the debt double from 1.7% to 3.4% of GDP.
It was once popular to play down the significance of the debt on the grounds that “we owe it to ourselves.” This was mostly true half a century ago, when only 5% of the debt was held by foreign individuals and governments. But today one-third of the debt is held beyond American shores, and more than $1 trillion is controlled by the Chinese.
By the early 2030s, if current trends persist, the U.S. will be transferring more than $400 billion in interest payments annually to foreign deb-tholders….
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$90,000 per U.S. citizen – Leviticus 25 Plan 2023 (5665 downloads)