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Consider this – over the past year, the national debt increased by $2.5 trillion, which amounts to an eye-popping $78,401 every second. U.S. federal borrowing for Fiscal Year 2023 neared 9% of the entire economy.
These numbers should terrify every American.
As vice chairman of the Joint Economic Committee, I feel compelled to address the alarming growth of our national debt. If we fail to confront this issue head-on, future generations will face the crushing prospect of a combined top marginal tax rate of 100% just to pay for existing government services.
We have an opportunity to come together to save our Republic by forming a bipartisan debt commission focused on finding innovative solutions to address this perilous threat and ensure our children and grandchildren have the same opportunities that we had. I commend Speaker Mike Johnson, R-La., for pledging to establish a debt commission in one of his first acts since his election.
Our primary fiscal challenges stem from demographics. The number of workers-to-retirees ratio has fallen from over 5-to-1 to under 3-to-1. At the same time, 1-in-9 prime age men are not showing up in the workforce.