One of the most pressing issues facing the United States is our country’s long-term fiscal outlook. To put it bluntly: it’s really, really bad. Like, it’s completely unsustainable bad. If we want to save our country, we need to fix our fiscal problems–and quickly. Time is of the essence with this issue. The longer we wait, the further we go into debt and the harder it will be to get our country back on track.
To put things into perspective, as of right now, interest costs on the federal debt are projected to exceed ALL federal revenue by 2067. That means that all the money our government collects from taxes won’t be enough to pay for just the interest on the debt. So there will be no money for anything else–defense, social programs, healthcare, infrastructure, education, etc. All money will to to paying the interest on our debt, and we won’t even have enough money to cover that! Just take a look at the chart below from the Peter G. Peterson Foundation.
As you can see, if interest rates are 2 percent higher than they are today then this scenario will happen in 2046. This is scary. And clearly it proves that we need to move on this issue quickly. The unfortunate reality for our generation is that we are going to have to make to pretty drastic changes in the way we live if we care about getting our nation’s finances in order. We will need to cut spending in many places (and overall just spend money more wisely–sorry liberals), and we are going to have to raise revenue as well (in other words, we are going to have to raise taxes…sorry conservatives). We can’t just do one or the other. And most importantly we need to make drastic reforms to healthcare spending and Social Security, as they will continue to grow and crowd out other budget items. They are the big parts of the budget that make up most of our nation’s annual spending, so it only makes sense to put most of the focus on them.
I’m not an economist, but I am a fairly intelligent woman–and a pretty well-educated woman–so when I look at the facts surrounding our nation’s long-term fiscal outlook, I know that we can’t sustain it. Our nation will literally go bankrupt. But I also know that if have the courage to make some dramatic but necessary changes, then we can get our country on a the path to fiscal sustainability once again. This is going to be a HUGE part of our generation’s legacy, and as I noted earlier, the longer we wait to act on this issue, the harder it will be to correct it–as proven by the frightening chart below.
Poll after poll shows that most Americans are very worried about our nation’s astronomical level of debt–and rightly so. But then again, poll after poll shows that most Americans don’t want to make the necessary changes to fix this problem (i.e. they don’t want spending cuts, and they don’t want to pay more taxes, and they don’t want any changes to their Social Security or Medicare, etc.). At some point, we are going to have to bite the bullet and do a bunch of stuff we don’t want to do in order to save our country from bankruptcy. So will Millennials have to cajones to step up and take one for team USA? I sure hope so, because if we don’t, our nation will be FUCKED!!!