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Maya MacGuineas & Ed Rendell: Tax Day Trauma: Paying for Our Massive National Debt

Apr 16, 2019 | Taxes

Maya MacGuineas is president of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. Governor Ed Rendell is the former governor of Pennsylvania and a co-chair of the Campaign to Fix the Debt. They recently wrote an opinion piece for The Hill, an excerpt of which is below.

An average taxpayer is going to have to fork over more than $2,000 this year just to cover their share of the interest on the national debt. It’s a huge sum going purely to finance the spending and borrowing of the past.

At the rate the national debt is rising, interest payments — the fastest growing part of the federal budget — will be bigger than Medicaid by next year and the military by 2025.

Although public concern for the debt rises and falls depending on the politics of the moment, the debt itself only rises.

Read the entire piece here.

"My Views" are works published by members or staff of the Committee for a Responsible Federal Budget, but they do not necessarily reflect the views of all members or staff of the Committee.