deficits
Many Americans are unhappy about years of higher-than-normal inflation that have sapped buying power and reduced standards of living. Now, the Congressional Budget Office (CBO) demonstrates that a difficult culprit will make you feel poorer over the next few decades: The nearly $35 trillion (and growing) national debt. At its current trajectory, the rising national debt—and the increasing burden of making interest payments on it—will reduce Americans' future income growth by 12 percent over the next 30 years, the CBO projects in a new report. That means the average person will earn about $5,00...
Reason
If you made a list of all the reasons why federal borrowing has spiraled out of control in recent years, the utter failure of Congress to pass a true budget would certainly rank near, or at, the very top. Regular Reason readers know this fact well: Since 1996, Congress has never—yes, not even once—passed a budget on time and in full. It's probably not a coincidence that the late '90s were also the last time the federal budget was anywhere close to balancing. In place of a complete budget, Congress has for decades relied upon continuing resolutions and omnibus bills. Usually, those become "must...
Reason
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