The United States has a spending problem. It isn’t going away. It is getting decidedly worse.
Current Presidential candidates don’t seem to take it seriously.
At a time when the presidential campaigns seem to be about everything other than the federal budget, the latest projections from the Congressional Budget Office (CBO) serve as a stark reminder that Americans will suffer grave economic consequences if the federal government does not repair its broken fiscal practices. It is often rightly noted that federal debt is at historic highs and threatening to grow to catastrophic levels. What is too seldom recognized is a point made by Hoover scholar Keith Hennessey (my former boss at the White House): to say we have a problem with deficits and debt is an oversimplification. What we have instead is an overspending problem, and the federal debt is essentially a symptom of that problem.