Orrin Hatch and Mike Lee, both Republicans, are Utah’s two U.S. senators.
It’s been called the most preventable disaster in American history.
The coming debt crisis is so predictable it’s difficult to find a single economist, expert, politician or American taxpayer who doesn’t warn of the consequences of spending and borrowing ourselves into oblivion.
A recent publication from the nonpartisan Congressional Budget Office called America’s debt problem “daunting.” The ratio of debt to gross domestic product has just crossed 90 percent, a threshold linked to lower-than-average economic growth. If left unchecked, our ballooning debt will almost certainly lead to the country’s long-term economic decline.
Fortunately, the solution is basic and one that is followed by most responsible state and local governments, families and business owners. When faced with tough times they know they must eliminate spending on the things that aren’t absolutely essential. Then they make a budget for the things they need and have the discipline to stay within that budget. Finally, they stop borrowing and spend no more than they take in.
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