This is from a recent CBO budget report. This is something you should care about. This is something you should demand your members of Congress take action on now. We are being extremely unfair to our children and grandchildren😔
• High And Rising Debt Will Have Adverse and Potentially Dangerous Consequences. The fiscal situation will lead to slower economic growth, lower income, higher interest rates, ballooning interest payments, reduced fiscal space, weakened international leadership, and an increased likelihood of a fiscal crisis.
• Major Trust Funds Are Headed Toward Insolvency. CBO projects the Highway, PBGC Multi-Employer, Social Security Disability Insurance, Social Security Old-Age and Survivors Insurance, and Medicare Hospital Insurance trust funds will all be exhausted by 2032 without action to stabilize their finances.
• Fixing the Debt Will Get Harder the Longer Policymakers Wait. Delaying necessary deficit reduction will mean larger spending cuts and tax increases concentrated on fewer people. CBO estimates the size of the needed adjustment would grow by half if policymakers waited just ten years to take action.