{"id":1924564,"date":"2023-05-04T20:56:02","date_gmt":"2023-05-05T00:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-debt-is-unsustainable-must-be-reduced-economists-say\/"},"modified":"2023-05-04T20:58:30","modified_gmt":"2023-05-05T00:58:30","slug":"us-debt-is-unsustainable-must-be-reduced-economists-say","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-debt-is-unsustainable-must-be-reduced-economists-say\/","title":{"rendered":"Economists warn that the US debt is unsustainable and needs to be reduced."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-debt-is-unsustainable-must-be-reduced-economists-say%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1924564&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The National Debt: A Ticking Time Bomb<\/h2>\n<p>Experts are warning that the growing national debt is on an unsustainable path and must be reduced to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-debt-is-unsustainable-must-be-reduced-economists-say\/\" title=\"Economists warn that the US debt is unsustainable and needs to be reduced.\">avoid long-term damage<\/a> to the U.S. economy. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-congress-extraordinary-measures-have-begun-after-debt-ceiling-breached\/\" title=\"Yellen Warns Congress \u2018Extraordinary Measures\u2019 Have Begun After Debt Ceiling Breached\">current national debt stands<\/a> at a staggering $31.4 trillion, which is the statutory borrowing limit. The Congressional Budget Office forecasts that the debt will reach $114 trillion in the next 30 years, which would be 200 percent of the country\u2019s gross domestic product.<\/p>\n<h3>The Urgent Need for Action<\/h3>\n<p>\u201cWith respect to interest rates and soaring debt, we are sitting on a ticking time bomb. Congress should be working diligently to avert an otherwise-inevitable debt crisis,\u201d warns Brian Riedl, a senior fellow at the Manhattan Institute for Policy Research. Jason J. Fichtner, vice president and chief economist at the Bipartisan Policy Center, confirms that assessment, stating that \u201cthe nation\u2019s debt is on an unsustainable trajectory, and action must be taken now. Further delay will only make the problem worse and the necessary corrections more harmful to the country and to the most vulnerable in our society.\u201d<\/p>\n<h3>The Debate Over the Debt Limit<\/h3>\n<p>The debate over the debt limit has resulted in a standoff between House Speaker Kevin McCarthy and President Joe Biden. McCarthy insists that an increase in the debt limit must be accompanied by spending cuts, while Biden has called on Congress to increase the debt ceiling without prior conditions.<\/p>\n<p>The recent subcommittee hearing, titled \u201cThe Default on America Act: Blackmail, Brinkmanship, and Billionaire Backroom Deals,\u201d appeared aimed at excoriating the Limit, Save, Grow Act, which was recently passed by the House of Representatives. The measure includes a temporary increase in the nation\u2019s debt ceiling along with spending cuts and caps, the rollback of certain <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-all-the-green-new-deal-handouts-democrats-wedged-into-their-3-5-trillion-budget\/\" title=\"Here Are All The Green New Deal Handouts Democrats Wedged Into Their .5 Trillion Budget\">green energy tax credits<\/a>, and the easing of restrictions on drilling for oil and gas.<\/p>\n<h3>The Need for Bipartisan Effort<\/h3>\n<p>Most witnesses at the hearing focused on the need for an immediate bipartisan effort to raise the debt ceiling in order to avoid short-term damage to the economy and address the rapid growth of the national debt to avoid a catastrophic crisis. Senate Budget Committee Chairman Sheldon Whitehouse (D-R.I.) sharply criticized the bill, saying it would cost 790,000 jobs, shrink the economy by $141 billion in one year, and put 21 million Americans at risk of losing their health insurance, all while preserving tax cuts for the wealthy. However, Whitehouse also emphasized the need to raise the debt limit without causing harm to the most vulnerable in society.<\/p>\n<h3>The Bottom Line<\/h3>\n<p>The national debt is a complex issue that requires immediate attention and bipartisan cooperation. The consequences of inaction are dire, and the time to act is now. We must raise the debt limit without causing harm to the most vulnerable in society and work towards reducing the national debt to ensure a stable and prosperous future for all Americans.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The growing national debt is on an unsustainable path and must be reduced to avoid long-term damage to the U.S. economy, experts warned on May 4. \u201cWith respect to interest rates and soaring debt, we are sitting on a ticking time bomb. Congress should be working diligently to avert an otherwise-inevitable debt crisis,\u201d Brian Riedl<\/p>\n","protected":false},"author":1793,"featured_media":1924565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[17988,5487,4934,10239,3968],"class_list":["post-1924564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-unsustainable","tag-debt","tag-economists","tag-reduced","tag-warn"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1924564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1924564"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1924564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1924565"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1924564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1924564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1924564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}