Today’s bloated deficit will lead to tomorrow’s vacant job market
While few in Washington appear to care, it should come as no surprise that the federal national debt is out of control. And while the Bureau of Labor Statistics has reported a consistent trend of employment growth, we still have a long way to go to recoup the economic losses of March and April. Unfortunately, in the long run, federal stimulus efforts that have resulted in spending levels not seen since the end of World War II will inhibit further rapid economic recovery. Many may not realize it, but the debt and the economy are intertwined.
The most recent budget outlook issued by the Congressional Budget Office serves as a gloomy reminder that America faces a less prosperous future if Washington fails to get spending under control and maximize growth. This should come as no surprise to fiscal conservatives who have railed against the rapid growth of federal spending for years. Yet Congress may still soon pass another COVID-19 relief package that could add anywhere from $1.3 trillion to $2.2 trillion to the already exploding national debt.