Blog: How The Deficit Will Hurt the Average American

Statement

The Heritage Foundation has taken a look at the latest forecast regarding the ever increasing deficit issued by the Congressional Budget Office. The findings of the Heritage Foundation are sobering and should concern every American worried about the debt we are passing on to future generations -- our children and grandchildren.

By 2020, half of all income tax revenues will go toward paying interest on a $23 trillion national debt. By the same year the national debt held by the public will surpass 100 percent of gross domestic product (GDP).

President Obama continues to blame former President Bush for the nation's economic woes, but he conveniently forgets to mention that the deficit is now nearly three times what it was under President Bush. President Obama also continues to try to convince European countries, which are cutting government spending, that they should reverse course and increase spending.

Once again, the American consumers prove to be smarter than the politicians in Washington. Even as the Obama Administration and Nancy Pelosi and Harry Reid look for new ways to increase our national deficit, individual consumers have cut back on their personal debt.

Admiral Mike Mullen, chairman of the Joint Chiefs of Staff, recently said "I think the biggest threat we have to our national security is our debt." The American people understand the danger, and have repeatedly called on Democrats to reduce the deficit and cut spending.

Once again, Democrats refuse to listen.

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