The rising national debt is projected to slow American households' income growth, with higher levels of debt shaving off about one-third of those gains, a new report finds.
The fast-growing national debt is on pace to reduce the growth in American households' incomes in the decades ahead if the debt isn't stabilized, according to a new report. An analysis by the nonpartisan Congressional Budget Office found the rising national debt will slow economic growth and suppress the growth of Americans' household income over time.
Essentially, the CBO thinks that if we stop increasing the debt — if we do spending cuts and tax increases or whatever it takes to stop the debt from growing — then income per person is going to grow 1.5% per year ," CRFB SVP and Senior Policy Director Marc Goldwein told FOX Business. "On the other hand, if we don't make those spending choices or tax choices, but we don't make things any worse, then it's going to grow about 1.25% per year.
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