RALEIGH, NC — There’s a lot of talk in Washington these days about debt — and for good reason. The federal government reached the $14.3 trillion debt ceiling one month ago today. And the Obama administration has set a date of Aug. 2 for Congress to raise that limit. Why does this matter? There are economic implications for all Americans, but the generation under the age of 40 faces some of the biggest challenges from the country’s massive debt. That’s why Heritage has launched an education tour called Slay the …
In the past 30 years, U.S. life expectancy has increased by an average of five years. Since 1935, when Social Security was first enacted, it has increased by almost 18 years. It’s no wonder that Americans are working more years as they enjoy longer, healthier lives thanks to improved healthcare and technology. Unfortunately, the federal government hasn’t altered its plans to match the growing number of entitlement beneficiaries hitting their 80s and 90s. The default payment methods definitive of many entitlement programs are hurting America’s economy and pushing the United …
As Speaker John Boehner (R-OH) pushes the debt ceiling debate back another month, Americans remain skeptical about how such legislation can really help solve the current financial crisis. And while much ado has been made regarding the vote, it is really beside the main point of our economic distress. When considering the nation’s $14 trillion debt and bankrupting out-of-control entitlement spending, it is ridiculous to focus on how much more to spend rather than how much to save.
A few weeks ago, The Heritage Foundation released its plan to balance the budget and reform entitlements and health care called “Saving the American Dream“. There is also a debate raging in Congress about the whether or not we should raise the debt limit. Join us from 12-1 ET for our online chat. We will be joined by Heritage’s Director of the Roe Institute for Economic Policy Alison Fraser. She will be taking your questions about the debt limit and Heritage’s budget plan. If you would like to be reminded …
In a speech at the Economic Club of Chicago yesterday, Rep. Paul Ryan (R-WI) laid out his “Path to Prosperity” 2012 budget proposal. Ryan also discussed how the U.S. government reached its big-spending tipping point: By the end of the decade, we will be spending 20 percent of our tax revenue simply paying interest on the debt – and that’s according to optimistic projections. If ratings agencies such as S&P move from downgrading our outlook to downgrading our credit, then interest rates will rise even higher, and debt service will …
The United States today hit an all-time high debt, passing $14 trillion, according to Associated Press reports. And with $45,300 of debt for every man, woman and child in the United States, it’s clear as day that spending is the problem. Yet Washington has yet to come to an agreement on a way forward, either in the short term or the long term, though the budget plan passed by the House of Representatives would fundamentally alter this debt-ridden path the nation is on. It’s time to get serious about cutting …
Join our “Lunch with Heritage” chat from 12-1 ET. We are taking questions about the growth of entitlement programs and how they affect our fiscal future. We will be joined by Research Associate Kate Nix, one of the co-authors of the 2011 Budget Chart Book which graphically illustrates the unsustainable path of federal spending now and in the future. The chart book paints a grim picture of our national debt, federal spending, and the dangerous growth of the entitlement state. Join us with your questions. Lunch with Heritage feat. Kate …
In a timely Heritage in Focus, Heritage expert Curtis Dubay discusses part of President Obama’s budget proposal to raise taxes on the wealthy – those earning over $250,000. The president’s budget this year is $3.6 trillion. Confiscating every single penny from every income earner making more than $114,000 – everyone in the top 10 percent of income earners – would still only generate $3.4 trillion. Not enough to cover the entirety of the 2011 budget. On top of that, Medicare alone, with its current unfunded liabilities, is anywhere between $45 …
In her testimony before Congress last month, Kathleen M. King, Director of Health Care at the U.S. General Accountability Office (GAO), reported “improper payments” under the Medicare and Medicaid programs amounting to almost $70.5 billion for fiscal year 2010. According to the GAO, any payment was labeled “improper” if it “should not have been made or … was made in an incorrect amount.” If there were any question as to the immense size of America’s entitlement programs, this piece of news should be very illuminating. To put it in perspective, …
There are two sides to our federal debt crisis—an economic one and a civic one—and both demand attention. As lawmakers in Washington focus their attention on the budget, they would be wise to remember the policy objectives behind their necessary reforms. They must ask: Are we a nation of citizens or subjects? America is at a tipping point. Social Security, Medicare and Medicaid, if left unchecked, will devastate our economy and cause irreparable damage to our way of life, all in just a few short years. Alison Fraser, Heritage’s Director …
