REAL people are like:
“Why can’t you even try to balance your budget? We have to do it all the time. What is so hard?”
Candidates need to run on this. Ads of real people at the kitchen table making this point.
Two thirds of the budget are entitlements and other mandatory spending. With a growing segment of the population 65 and over, these programs are growing faster than inflation. 40% of all Medicare expenditures come from the General Fund. A balanced budget is impossible without major programmatic changes and entitlement reform.
We are paying over $600 billion in debt servicing costs annually and it could be over a trillion soon as Fed interest rates remain high. We had more than a decade of cheap money. Increased annual debt servicing costs crowds out other priorities. And annual deficits of a trillion or more dollars just adds to the national debt and interest payments. It is a downward spiral. We will have a $2 trillion budget deficit this fiscal year ending September 30 2023.
FY 2022
