A stark warning about the nation's debt leaves fiscal conservatives shaking their heads.
Deficits are going up. The non-partisan Committee for a Responsible Federal Budget estimates the debt could jump 125% of the nation's GDP within a decade, pushing the deficit to more than three trillion dollars by 2032. Political analyst George Seay of Annandale Capital says up until now, the government has been able to get away with printing and spending more money.
“At some point, we’re going to have reckoning,” Seay said. “But until entitlements really pick up and make this annual deficit much, much larger than it is now, it looks like that’s in the next 10 or 15 years, people continue to blissfully ignore this horrible problem.”
The White House insists President Biden has shrunk the deficit by $350 billion, but experts say that's linked to expiring pandemic-era stimulus. Seay blames both Republicans and Democrats for adding to the debt over the last few decades. He says the last real debt hawk in Congress was the late Senator Bob Dole.