Chairman Enzi: America’s Booming Debt Threatens Our National and Economic Security
Every American will soon owe more than $75,000
Click here to watch Chairman Enzi’s opening statement.
WASHINGTON, DC – During a hearing on the nation’s debt today, U.S. Senator Mike Enzi, Chairman of the Senate Budget Committee, noted that America’s current debt is the biggest our country has ever owed and endangers our government and hurts the nation’s economic potential.
“If we don’t stand up to our debt and stop overspending, we’ll ruin what so many generations before us have worked to build as well as the hopes of generations to come,” said Chairman Enzi. “Unfortunately, the President’s budget plan just makes matters worse. Over the next ten years, every man, woman, and child will owe $75,610.”
According to the Congressional Budget Office (CBO), just 15 years ago the debt held by the public was one-third the size of our economy. Today, the accelerating debt is 74 percent of our economy and in 2028, it will be the same size as our economy. In just two short generations, by 2050, the nation’s debt will be more than twice the size and grow three times faster than the economy over the next 35 years. After 2050, the CBO reports that debt will be greater than 250 percent of the GDP.
“Rapidly growing debt will press down on the dreams and opportunities of future generations throughout their lives. It is time for Congress and the president to tackle the nation’s chronic overspending with honesty and accountability before it is too late,” Enzi said.
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