Below are the first three paragraphs of a recent New York Times article entitled, “Federal Borrowing Amid Pandemic Puts U.S. Debt on Path to Exceed World War II.”
“WASHINGTON — A surge in government borrowing in the face of the pandemic recession has put the United States in a position it has not seen since World War II: In order to pay off its national debt this year, the country would need to spend an amount nearly as large as its entire annual economy.
And still, economists and many fiscal hawks are urging lawmakers to borrow even more to fuel the nation’s economic recovery.
The amount of U.S. government debt has grown to nearly outpace the size of the nation’s economy in the 2020 fiscal year and is set to exceed it next year, as the virus downturn saps tax revenues, spurs government spending and necessitates record amounts of federal borrowing, the Congressional Budget Office said on Wednesday. Federal debt, as a share of the economy, is now on track to smash America’s World War II-era record by 2023.”

This is bad, and yet this news doesn’t terrify the American people nor our nation’s leaders who are intent on continuing the stream of Federal Coronavirus relief dollars. As Eagle Forum has said time and time again, our nation cannot afford to continue down this path. With almost $27 trillion in debt, our children and their children will be paying back these relief dollars throughout their lifetimes.

In August, Eagle Forum was hopeful we had seen the end of legislation being pushed through Congress after a failed attempt to pass the HEALS Act and the President’s subsequent Executive Orders. However, the Senate is set this week to pass a “slimmed-down” relief package with a total bill of about $500 billion. While $500 billion is significantly less than the previous packages passed in the Chambers this past summer and spring, it still is a significant amount. Some highlights of this legislation include $300 per week for unemployment insurance benefits, $257 billion for the Paycheck Protection Program, and $105 billion for the nation’s schools among other items.

Rather than spend more money in relief aid, please join us in asking your Senator vote NO on the “slimmed-down” relief package and to help encourage the reopening and stimulation of the nation’s economy through means other than spending taxpayer funds, like deferring payroll tax.

Capitol Switchboard: 202-224-3121

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