Over the past decade, federal spending has leaped 62 percent faster than inflation, to more than $30,000 per household. Not content with this expansion of government, President Obama’s budget would push inflation-adjusted spending to nearly $37,000 per household by the end of this decade. This would create sustained trillion-dollar budget deficits, likely followed by European-sized tax hikes. Rep. Lamar Smith (R-TX) has proposed a commonsense approach to avoid such ruinous spending hikes. The Saving America’s Future Economy (SAFE) Act of 2010 would limit the annual growth of government to the …
Today in Washington, the Bipartisan Policy Center (BPC) launched its new Debt Reduction Task Force, chaired by former Sen. Pete Domenici (R-NM) and former OMB director and CBO director Dr. Alice Rivlin. The task force will aggressively address the abysmal fiscal outlook of the United States economy due to government spending. As Domenici and Rivlin displayed, the amount of debt held by the public is set to reach 100% of Gross Domestic Product (GDP) by 2019. Under the same trajectory, the debt would reach 400% of GDP by 2049. As …
