Check out our facts and myths on the national debt, so you will be prepared when the candidates discuss our economic future during tonight’s main event.
The third and final presidential debate is happening tonight and at the top of the list of topics to be discussed is something we are all affected by: the national debt. With America’s unsustainable long-term debt threatening our economic future it’s about time these candidates get down to business and share their plans to stabilize and reduce the national debt.
Candidates should talk about the important issues voters are concerned about, ranging from healthcare to tax reform. Let them know you care about the national debt by signing the pledge.
We’ve got you covered with the facts:
Current debt and interest
Our debt is already at historically high levels, and the nonpartisan Congressional Budget Office projects that it will rise to 141 percent of GDP in 30 years, which would be the highest level of debt ever recorded. It’s projected that net interest costs will total nearly $5 trillion over the next decade, crowding out important investments in other areas including education and infrastructure.
Social Security
It is projected that the Social Security trust funds will be fully depleted by 2034. That is just 18 years from now when most of us will be looking to make big life-changing decisions like buying a home, starting a business, or starting a family!
Healthcare
One of the main drivers of spending in the budget is healthcare and the United States’ healthcare system is the most expensive among advanced nations. Despite this, America’s health outcomes are generally no better than those of our peers.
Let’s get to the truth of three common myths:
Myth 1: “We can fix the debt by raising taxes on the wealthy”
Truth 1: According to the Tax Policy center, if we wanted to solve the debt problem by raising taxes on only those making over $250,000, the top rate would need to be over 100%. Therefore our debt is too large to solely count on raising taxes.
Myth 2: “We can always just print more money!”
Truth 2: While it’s true that the Federal reserve could print 100 billion dollars worth of extra money, this could lead to inflation. If everyone has twice as much money the price of everything doubles, and budget deficits can continue on.
Myth 3: “We can just wait to address the national debt”
Truth 3: According the the Congressional Budget Office, waiting just five years to address the issues would raise the cost of stabilizing the national debt by around 25%. Point of the story: the sooner the better.
Tonight is the night to hear the presidential candidates’ plans, but you don’t have to wait until November to voice your opinion on the national debt. Sign our pledge to hold Congress accountable for our fiscal future!