It has been almost 26 years since the US Congress passed a budget. Back then, mobile devices were still the pinnacle of technology, and social networking sites were barely on the radar. Unfortunately, since then, the country's national debt has increased and the Congress has not managed to pass a balanced budget.
In 2000, the national debt was around $5.6 trillion, while the country's gross domestic product was around $10 trillion. Over the years, the debt has increased to over $33 trillion, and the debt-to-GDP Ratio has gone from 54 percent to an alarming 130 percent.
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The problem lies with Congress' failure to make tough decisions regarding the federal budget. In 2022, the government spent over $6 trillion. This is an increase of almost $2 trillion from the previous year, due to the COVID-19 pandemic. Unfortunately, it is very difficult to make cuts once the funding for various agencies has been allocated.
The main cause of the national debt is the rising cost of the Big Three programs: Medicare, Medicaid, and Social Security. These programs are currently the most expensive in the country, and their funding is in jeopardy as the number of Baby Boomers retires.
According to the Congressional Budget Office, both Medicare and Social Security will eventually run out of money, and this will cause other programs to suffer. Although this could lead to the reduction of wasteful spending, it could also result in deep cuts to other vital government agencies.
If Congress were to pass a modern monetary theory, which assumes that deficits and debt don't matter, the country would be in the worst possible situation. Under this model, the government would be able to print money without any consequences, which could cause hyperinflation and economic instability.
The Congress must address the budget deficit and the national debt by implementing sensible spending measures. There is plenty of room in the federal budget to reduce unnecessary spending. Members of Congress should also look into the Congressional Pig Book for a list of unaccountable spending measures.
It's time for Congress to come together and talk about the future of Social Security, Medicare, and Medicaid. It's time to put the programs on a long-term sustainable basis.
The Congress should also focus on policies that will stimulate the country's economy. These include simplifying the tax code and reducing regulations.
It's time to turn things around, just like the 1990s when the rise of the internet and other technological advancements led to a technological boom. We are now on the cusp of a new technological revolution, and it has the potential to ignite a vigorous economic growth and put the national debt back under control.
Nevertheless, we must maintain our place as a global power in the 21st century by establishing a fiscally responsible government. The time has come for Congress to act and put the countr