AFP and Congressman Timmons Address Mounting Debt, Present Solutions to Rein in Unsustainable Spending

Dec 11, 2019 by AFP

GREENVILLE, SC – Americans for Prosperity-South Carolina (AFP-SC) today announced it is hosting a discussion on Friday featuring Congressman William Timmons and AFP Vice President of Economic Opportunity Russ Latino on the current debt crisis and solutions legislators can bring to help put our country back on a sustainable fiscal path.

The event is part of the grassroots group’s Securing America’s Future campaign, a multi-year effort dedicated to educating Americans about the real consequences of Congress’s failure to restrain spending.

“It’s no secret our country is headed down an unsustainable path that threatens the economic well-being of current and future generations. The bipartisan spending frenzy at Washington needs to come to an end. It’s up to principled lawmakers to take a stand against the status quo and advance principled solutions that prevent us from spiraling towards an economic crisis,” said Andrew Yates, AFP-SC State Director. “We’re looking forward to this event with Congressman Timmons and sharing with folks how lawmakers can protect American jobs and our economic future.”

What: Securing America’s Future with Congressman William Timmons

Who: Congressman William Timmons, AFP Vice President of Economic Opportunity Russ Latino

When: December 13, 2019
5:00PM-7:00PM

Where: Old Cigar Warehouse
912 S Main Street
Greenville, SC 29601

Media are invited to attend. RSVP with Kevin Brinegar at kbrinegar@afphq.org.

Background:

A Pew poll in January found that 48% of people said reducing the federal deficit should be top priority for the President and Congress.

The national debt is currently over $23 trillion and the government is expected to pay nearly $400 billion in interest on its debt this year. In 10 years, net interest will more than double to over $800 billion. In 2018, for every household in America, the Federal government spent $32,000, taxed $26,000, and added $6,000 on the credit card – which already had a $168,000 balance.

That will exceed total spending on Medicaid.

The interest we must pay on our debt will only grow worse as time goes on. Net interest on the debt will equal and then surpass total discretionary spending as a share of the economy by 2045. It would be like taking the money we spend on defense, our veterans, homeland security, our judiciary system, and more and spending it just to borrow more.

According to the Congressional Budget Office, if interest rates rise even one percentage point, our debt would reach nearly 200% of GDP by 2049, surpassing the $100 trillion mark.