America’s total debt now tops $15.2 trillion—the size of the entire economy. While this is a real concern, the greater problem is the growth of spending and debt in the future. Spending on entitlements is the real driver of future debt.
In this clip from the documentary film “I Want Your Money,” Heritage expert Alison Fraser reveals why the national debt is a catastrophic crisis, stating: “We’re right on the cusp of 77 million baby boomers retiring into these entitlement programs, and that is absolutely unsustainable.”
When Moody’s threatened to downgrade the U.S. bond rating, the credit rating agency clearly stated that the core of the problem lies in the growing long-term deficit trajectory. Americans know that we must tackle our spending and debt problem. Transformational changes in spending are needed to put this nation on the right course. As 43 percent of our national budget is currently spent on entitlement programs (primarily Medicare, Social Security, and Medicaid), it is most important to reform those programs to achieve long-term spending control. Deficit reduction will result.
Heritage’s extensive budget reform plan, Saving the American Dream, has the bold reforms necessary to put our fiscal house in order while protecting seniors from poverty and assuring that future generations won’t be saddled with insurmountable debts.
Created by a dozen policy experts including Fraser, Saving the American Dream would end our national debt crisis once and for all—by redesigning entitlement programs for the long haul, cutting government spending in half, and ultimately restoring prosperity in America.
For more on the debt today, the recently released DVD “I Want Your Money” (rated PG) takes a fast-paced look at America’s national debt crisis. It features experts including Edwin Meese III, Steve Forbes, Star Parker, Stephen Moore, John Stossel, and many more.