Lloyd Smucker: “The last time the U.S. debt held by the public equaled our total economic output was just after World War II. After…”

“The last time the U.S. debt held by the public equaled our total economic output was just after World War II. After that, economic policies, fiscal policies that put our country on the right track resulted in decades of American prosperity and American leadership across the world. Today, the trajectory is far different, as shown on this chart. Our debt-to-GDP ratio, the best economic measure to show the health of our economy, is projected to go up from 98 percent today to 118 percent in the next 10 years and double our economy in just the next 30 years. All I hear from Democrats today is pass a clean debt ceiling. Does anyone on their side care about this trajectory which will end in disaster? The President certainly has no plan to reduce our debt. He refuses to even negotiate or to acknowledge our debt challenges. The Republican plan today, which I am proud to support, is the Limit, Save, Grow Act. This bill will rescind unspent COVID-19 funds, reverse Democrats' inflationary Green New Deal corporate welfare policies while allowing for responsible 1 percent annual increases in discretionary spending so America can continue to invest in core functions of government. All in all, the bill will reduce, as seen on this line, future debt growth by $5 trillion over the next 10 years and begin to decrease our projected debt-to-GDP ratio by 12 points over the next 10 years. Growing our GDP is the second part of the equation, to boost economic growth.…”