What the federal budget says about America
The federal budget is facing significant challenges, with annual deficits nearing $2 trillion and projected debt reaching 120% of GDP by 2036. A large portion of the budget is allocated to programs for the elderly, raising concerns about sustainability and prioritization. The government also struggles with inefficiencies and improper payments, indicating a need for reform to avoid a fiscal crisis.
- ▪Annual deficits are close to $2 trillion, and federal debt is projected to reach 120% of GDP by 2036.
- ▪In fiscal 2025, approximately 40% of the budget, or $2.7 trillion, is spent on individuals aged 65 and older.
- ▪The Government Accountability Office identified 148 ways to reduce duplication and save taxpayers billions of dollars.
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The federal budget is on an unsustainable path. Annual deficits are close to $2 trillion, and the federal debt will reach 120% of GDP by 2036. These top-line numbers should make you worried, but even they don’t fully capture how broken the budget really is. Budgets are more than just lists of spending and revenue. As the old adage goes (and a favorite saying of former President Joe Biden), show us your budget, and we will show you your values. What we spend money on and how we spend it says a lot about who we are.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
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