The U.S. Debt Now Exceeds the Country’s GDP. Should We Worry? Jonathan Williams in CBS News
"If Congress doesn't start implementing fiscally responsible policies in a nonpartisan fashion, Americans will pay the price in higher taxes and slowed economic growth and in the form of ugly price inflation."
ALEC President and Chief Economist Jonathan Williams recently spoke with CBS News on the current state of the U.S. National Debt.
“Among other implications, at our current debt levels, overspending and the national debt threaten our future national defense and military readiness,” Jonathan Williams, the president and chief economist of the nonpartisan American Legislative Exchange Council (ALEC), told CBS News. “Case in point, the net interest payments on the national debt now exceed $1 trillion annually.”
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“The current federal debt is clearly unsustainable, no matter how many times the debt ceiling is raised,” ALEC’s Williams told CBS News. “If Congress doesn’t start implementing fiscally responsible policies in a nonpartisan fashion, Americans will pay the price in higher taxes and slowed economic growth and in the form of ugly price inflation.”