Opinion Our fast-growing national debt is a toxic legacy for my generation

19:56  09 february  2018
19:56  09 february  2018 Source:   CNN

The debt ceiling "X date" just moved up

  The debt ceiling The Congressional Budget Office moved up its estimate of when lawmakers must raise the U.S. legal borrowing limit to avert a default on the country's debt. The new tax law is a primary factor.That's according to the Congressional Budget Office, whichon Wednesday moved up its estimate of when lawmakers must raise the U.S. legal borrowing limit to avert a default on the country's debt.

Trillion dollar deficits, once considered a temporary stimulative measure aimed at healing the wounds of the Great Recession, are becoming accepted as business as usual in Washington. And my generation is going to have to pay the price, David Grasso says.

Debt Mountains! eBook The Financial Crisis and its Toxic Legacy for the Next Generation : A Christian Perspective. How will these debts affect your family and will our nations still be paying them off in the 2080s?

SAN ANSELMO, CA - AUGUST 29: In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California. The dollar fell to a two and a half year low to 91.77 Tuesday following the latest missile launch by North Korea. The U.S. dollar index has slipped over 10% since the inauguration of U.S. President Donald Trump. (Photo Illustration by Justin Sullivan/Getty Images) © Justin Sullivan/Getty Images SAN ANSELMO, CA - AUGUST 29: In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California. The dollar fell to a two and a half year low to 91.77 Tuesday following the latest missile launch by North Korea. The U.S. dollar index has slipped over 10% since the inauguration of U.S. President Donald Trump. (Photo Illustration by Justin Sullivan/Getty Images)

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Trillion dollar deficits, once considered a temporary stimulative measure aimed at healing the wounds of the Great Recession, are becoming accepted as business as usual in Washington.

Stoops leaves enduring legacy at Arizona

  Stoops leaves enduring legacy at Arizona Mike Stoops' one stop as a head coach -- at Arizona from 2004 to halfway through the 2011 season -- wasn't all that remarkable. But it keeps making news.

The list of our negative bequests is a melancholy and frightening one, usually put aside with a sigh and a passing frisson of dread. The global economy is growing at present, but a collapse through debt could spark another recession, this time with even more serious social and political turbulence in its

The list of our negative bequests is a melancholy and frightening one, usually put aside with a sigh and a passing frisson of dread. The global economy is growing at present, but a collapse through debt could spark another recession, this time with even more serious social and political turbulence in its

As budget deals are hashed out and both parties reach common ground on issues that affect all Americans, talk of fiscal discipline is curiously absent. It appears we've reached a new bipartisan consensus that's troubling for the taxpayers of tomorrow -- in Beltway politics, deficits don't matter anymore. As a 33-year-old, I'm one of those who ultimately will have to pay the price.

Nearly a decade ago, red ink was splattered all over our nation's balance sheet, and that caused an uproar among countless Americans. The federal government blew a gaping hole in our budget, funding unprecedented efforts to stabilize the economy on the heels of a near-depression.

Today, while prosperity and stability have been restored, Washington has once again come to rely on what's being treated as an infinite supply of debt just to fund regular operations. In the midst of the best economy we've seen in recent years, instead of saving for a rainy day, we're pursuing policies that are creating ever-yawning public deficits.

The U.S. government is set to borrow nearly $1 trillion this year, an 84 percent jump from last year

  The U.S. government is set to borrow nearly $1 trillion this year, an 84 percent jump from last year Trump didn't mention the debt in his State of the Union address. The absence of any mention of the national debt was frustrating for Goldwein and others who warn that America has a major economic problem looming.“It is terrible. Those deficits and the debt that keeps rising is a serious problem, not only in the long run, but right now,” Harvard economist Martin Feldstein, a former Reagan adviser, told Bloomberg.The White House got a taste of just how problematic this debt situation could get this week.

For faster answers, check these links before you email us: Authors/Publishers. How Smashwords works. How will these debts affect your family and will our nations still be paying them off in the 2080s?

8. There has been a growing realization in national governments and multilateral institutions that it is impossible to separate economic development issues from environment The risks increase faster than do our abilities to manage them. 20. Debt is an acute problem for many countries of Africa.

Our leaders are purposefully turning a blind eye to our growing liabilities as a nation to strike politically expedient budget deals. In the short term, legislative deal-making funded with future generations' money is an astute strategy to avoid government shutdowns -- which have happened twice this year.

In the long run, however, if we continue to ignore the consequences of our addiction to borrowed money, we'll see an increasingly larger slice of our budget siphoned off just to pay interest on the debt. This is why deficits should matter: They eat up future revenue that we desperately need as the costs of already promised entitlements continue to spiral upward.

Right now, more than 10,000 baby boomers are retiring daily. People like my parents have been guaranteed government benefits to fund their golden years because they've paid into the system their whole lives.

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  Will the rise of the Monday we celebrate the birthday of America’s 40th President of the United States, Ronald Reagan. While he is remembered and revered for much that he did and said and inspired during his life, he also is celebrated for the ripple effect of his life which continues to expand, even long after his death.  Who could ever have predicted that a little boy born in the middle of a snowstorm in a tiny town in central Illinois to a very poor family would grow up and become President of the United States?  And not just any president, but a giant among greats.

One of the most significant aspects of the “Obama legacy ” is the appalling mountain of debt that he has left behind. As I write this article, the U.S. national debt is sitting at 19.944 trillion dollars.

The list of our negative bequests is a melancholy and frightening one, usually put aside with a sigh and a passing frisson of dread. The global economy is growing at present, but a collapse through debt could spark another recession, this time with even more serious social and political turbulence in its

The federal government's obligations are already on track to strain our nation's budget for the foreseeable future. Needless to say, sustaining our newly christened trillion-dollar deficits will surely not improve our government's budgetary prospects.

Additionally, the surging costs of entitlements aren't the only monetary problem the government faces in our immediate future. Our national infrastructure is in desperate need of a fiscal shot in the arm. Many suspect that a substantial (and wise) investment in upgrading the backbone of our economy is on the policy horizon. Where exactly the funds will come from is still in question, especially when the federal government is already borrowing an eye-popping amount of money this fiscal year.

Make no mistake: Persistent federal deficits will create politically difficult decisions down the road. As it stands, the lion's share of our budget already is gobbled up by entitlements and military spending. That leaves little wiggle room for any other meaningful allocations without damaging our fiscal health.

GOP the party of deficit hawks? That was then.

  GOP the party of deficit hawks? That was then. Republicans rode the tea party wave to power eight years ago on a message of fiscal responsibility and attacking budget deficits, and kept at it during President Barack Obama's two terms. That was then. Republican leaders early Friday were rounding up support for a bipartisan budget bill that would put the government on track for annual deficits topping $1 trillion, a gap last seen toward the end of Obama's first term.

The list of our negative bequests is a melancholy and frightening one, usually put aside with a sigh and a passing frisson of dread. The global economy is growing at present, but a collapse through debt could spark another recession, this time with even more serious social and political turbulence in its

Not when AAA-rated General Electric had been given billion in taxpayer loans and guarantees to avoid taking modest losses on toxic assets it had foolishly funded with overnight bor-rowings that By the end of his term in 1978 the Federal Reserve was fast becoming a warehouse for the national debt .

Even worse, if we encounter more economically turbulent times, the federal government likely will see its revenue drop precipitously. As a result, the public purse will have to borrow merely to sustain present spending levels. If we see another financial crisis, many politicians and economists will call for another round of rescue-driven stimulus, and we'll see our deficits creep ever higher.

Borrowing cannot be sustained forever, and there are some prominent voices clamoring for us to address our federal government's addiction to debt. Alan Greenspan, the former chairman of the Federal Reserve, and Sen. Rand Paul are figures who have unequivocally expressed their concerns on this front, and they blame both major political parties for their lack of focus on fiscal discipline. We can only hope that more leaders like Greenspan and Paul will step forward and explain to the public the dismal state of our government finances.

Most Americans are fiscally conservative and would be aghast at the current state of affairs if they were in the know. Unfortunately, few people can truly grasp the gargantuan size, mathematically, of $1 trillion.

Debt is an important part of a modern economy, and it should be a tool that our country uses to make strategic investments in our future. Trillion-dollar deficits shouldn't be leveraged to secure short-lived, partisan budget deals that kick the can further down the road. Leaving a fiscal mess for tomorrow's taxpayers is a toxic legacy that our elected leaders should avoid at all costs.

Drowning in debt .
<p>In "Hamlet," Shakespeare pens one of the most familiar lines – and best advice – ever written. Before Laertes leaves for Paris, his father, Polonius, tells him: "Neither a borrower nor a lender be"</p>In "Hamlet," Shakespeare pens one of the most familiar lines – and best advice – ever written. Before Laertes leaves for Paris, his father, Polonius, tells him: "Neither a borrower nor a lender be...

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