We must address America’s looming debt crisis. This is step one

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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.

AMERICA’S DEBT IS ECONOMIC INSANITY. IT’S TIME TO SAVE THE AMERICAN DREAM

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. 

These

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