The topic in Something to Think About is “Out of Sight, Out of Mind.” We have now had a series of Republican and Democrat debates. One topic that seems to have been overlooked is the federal deficit and resulting debt. Rather, we have seen a variety of new program proposals from the candidates that will have a dramatic effect on both. Why has the topic been ignored? Is it because it is easier to campaign on increasing benefits or spending more money than it is to promise fiscal restraint, eliminating government waste and ineffective programs, or by chance, launching entitlement reforms?
The Congressional Budget Office recently released a comprehensive report to remind everyone that the country’s long term fiscal predicament is far from being settled and is worsening markedly. This year the deficit, as a share of the economy, will resume growing for the first time since 2009 and that will continue through 2026. At the end of 2026, the publicly held federal debt will be 86% of total US output, higher than at any time since the years just following WWII. Is the nation’s debt predicament more difficult than previously acknowledged? Why don’t the candidates have any serious plans to address it?
