Even now, the debt tab for the average family of four is over $250,000. That would easily surpass the previous record during World War II- with the growth fueled by long-term entitlement promises like Medicare and Social Security that are hard to change, rather than by short-term defense needs that can later be trimmed back. According to the bipartisan Congressional Office, federal debt held by the public is rising rapidly and will be close to 150% of GDP by 2050. Yet, like climate impact projections, the fiscal picture is dire. The third observation is the contrast between the passion among young Americans for action on climate change, and the giant Millennial yawn that greets any policy expert or politician trying to draw attention to the problem of surging deficits and national debt.
Yet climate change is very much a Millennial issue. We Baby Boomers constantly complain about the challenge of getting younger Americans to vote or take a serious interest in a range of problems facing the country. The second curiosity is the heavy presence of Millennials and other younger Americans in the protests. The conventional wisdom in political science is that it is extremely difficult to generate public support for any pain-now/gain-later policy. The Treasury Department has begun using “extraordinary measures” to fund operations and allow the country to continue paying its debts, which are expected to run out in June.The first is that there is such strong support, especially among younger Americans, for tough policies in climate change, even though the major threat is well into the future yet proposed policies mean economic pain today. "He is correct, and not only should the House go first, but must quickly show the American people what their plan actually is for avoiding a first-ever default on the national debt." "Leader McConnell said something yesterday that I think is right on the mark: He said that when it comes to moving a debt ceiling proposal through Congress, the House should go first," Schumer said on Wednesday. "If the MAGA GOP stops paying our nation’s bills, Americans pay the price.”ĭemocrats are also asking Republicans to pin down where exactly would budget cuts come from. “Playing brinksmanship, taking hostages is being risky and not caring about average people,” he added. “It’s clear, default would be a catastrophe for American working families,” Schumer said.
They've also said that not raising the debt ceiling would have a devastating impact on the global economy.ĭemocrats warned that a default would be catastrophic for the American people, with Majority Leader Chuck Schumer, D-N.Y., on Wednesday accusing House Republicans on Tuesday of “recklessly flirt with default.” Democrats, on the other hand, argue that Congress has voted to raise the borrowing limit numerous times under presidents of both parties. Republicans want to tie a debt ceiling increase to spending cuts or other concessions from Democrats, saying that they would only raise the limit to secure an overhaul of federal spending. It also "makes an approximation of what the debt is based on the historical average" when Treasury is not updating the data, Massie explained. “"Inside of it is a battery and a small computer that logs on to the internet, goes to the Treasury’s website and gets the actual debt that they publish every day." The MIT graduate tells me he created this pin that displays the nation's debt to "induce a little bit of anxiety" among his colleagues adding that he thinks it's working. Kentucky Congressman is making a different kind of fashion statement. Massie, who represents Kentucky’s 4th Congressional District which stretches across Northern Kentucky and 280 miles of the Ohio River, is an inventor and entrepreneur with two engineering degrees from the Massachusetts Institute of Technology. to have some concern for the debt and it's actually working so far," Massie said, adding: "They were sort of appalled that they have to look at what they created." “I built it to induce a little bit of anxiety among my colleagues. Democrats, on the other hand, argue that Congress has voted to raise the borrowing limit numerous times under presidents of both parties They've also warned that not raising the debt ceiling would have a devastating impact on the global economy.Republicans want to tie a debt ceiling increase to spending cuts or other concessions from Democrats, saying that they would only raise the limit to secure an overhaul of federal spending.
The pin is similar to the billboard-style debt clock that has been ticking away near New York's Times Square for years.Thomas Massie has fashioned a pin tracking the country's national debt As lawmakers haggle and posture over raising the debt limit, Kentucky Rep.
0 kommentar(er)
