Are we headed for a debt crisis? Is there a point of no return? How would a debt crisis affect you? We’ll talk to Jerry Bowyer to get the answers on this Faith and Finance.
Are we headed for a debt crisis? Is there a point of no return? How would a debt crisis affect you? We’ll talk to Jerry Bowyer to get the answers on this Faith and Finance.
Economist Jerry Bowyer is president of Bowyer Research and a frequent contributor to Faith and Finance and WORLD Opinions. Learn more about Jerry Bowyer at faithdriveninvestor.org.
Bowyer says while he doesn’t see a national debt crisis looming on the immediate horizon, there is no question we’re drawing closer to one. Our working population is declining, our debt-to-GDP ratio is 100%, and there seems to be little appetite in Washington to truly rein in spending.
The nonpartisan Congressional Budget Office recently added another $3.1 trillion dollars to its projected national debt over the next 10 years. Uncle Sam is spending more than it takes in - to the tune of around $2 trillion dollars a year. That’s $2 trillion dollars of spending on the national credit card, expanding the national debt, which now stands at almost $32 trillion dollars.
And if we hit a recession later this year, we will likely start adding to the national debt even more quickly because social spending would be up while GDP is down.
We have additional challenges in that our government is not employing pro-growth policies, which makes it more difficult to grow our way out of the situation we’re in.
Bowyer, says another aggravating factor is the fact that roughly 70 million people are missing from the economy because they were aborted. It’s Potterville in It’s a Wonderful Life: the world is a worse place for the loss of those people.
He explains that immigration will be key to the future of America, though that is complicated with the lack of agreement over immigration policy in Washington.
On this program, Rob also answers listener questions:
What kind of inheritance tax should you prepare for with the passing of a parent?
How do you determine the wisest way to use or invest an unexpected windfall?
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