By: Ken McIntyre
The Heritage Foundation
Americans have to face facts: If Congress doesn’t immediately address the nation’s long-term debt, we’ll be stuck in a fiscal crisis far worse than what we’ve seen these past two years.
But instead, as they looked forward to President Obama’s State of the Union address, senators and representatives once again were poised to raise the debt limit — by nearly $2 trillion. This after maxing-out the national credit card in another year of runaway spending. For now, the Senate wisely has rejected a proposed “bipartisan” study commission.
It’s the lawmakers themselves who have to get serious about spending cuts — especially exploding costs for Social Security, Medicare and Medicaid. If Congress doesn’t act resolutely, future taxpayers will shoulder history-making debt.
This chart, using calculations by analysts at The Heritage Foundation, captures the breathtaking size of the crisis ahead. You may download and post the chart for your readers by choosing a size and format here.
Recent Heritage commentary and analysis on tackling federal spending and debt include:
Morning Bell: President Right; We’ve Got a Spending Problem
Riedl: CBO Projects Staggering Debt
Butler: Baucus Panel No Solution for Spending
Fact Sheet: When Is Enough Enough?
Web Memo: Target Entitlements to Control Debt
Check out Heritage’s à la chart archive of standalone, downloadable graphics that help explain key policy subjects.
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Regards,
Ken McIntyre
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Ken McIntyre
Marilyn and Fred Guardabassi Fellow in Media and Public Policy Studies
and Special Projects Editor
The Heritage Foundation
heritage.org
