• Former Vice President of the United States Mike Pence believes the country is headed toward a debt crisis due to the government’s irresponsible fiscal policy.
• U.S. national debt currently stands at roughly $32 trillion, equating to nearly $250,000 in debt per every U.S. taxpayer and is 34% higher than the country’s $26 trillion GDP.
• Persistent Federal budget deficits – now over $1.4 trillion annually – only continue to exacerbate the problem year after year, with projections showing that debt could expand by $120 trillion within the next 30 years according to Pence.
Unsustainable National Debt
Former Vice President of the United States Mike Pence believes his country is en route to a debt crisis within the next 25 to 30 years due to government’s irresponsible fiscal policy. According to Pence, U.S national debt could balloon up to $150 trillion within 3 decades as a result of persistent budget deficits which are currently over $1.4 trillion annually and growing larger each year – equating to nearly $250,000 in debt per every taxpayer and 34% more than what their GDP is ($26 trillion).
Cause of High Inflation
In an interview on CNBC’s Squawk Box on Wednesday, Pence commented on the U.S’s record high inflation rate blaming it largely on “unnecessary” covid relief spending from 2021 Democratic party and lack of conversation about looming entitlement issues in Washington D.C.. He stated that current President Joe Biden’s policy was leading towards insolvency for US national debt which stands at roughly 32 Trillion at present time .
US Budget Deficit
Pence pointed out that due to large budget deficits there will be no possibility for US federal government balance its books even in near future unless drastic measures are taken now or else US may face huge economic disaster in form of insolvency within 25-30 years if same trend continues . He further said that this kind of situation has occurred previously during World War II when US had a similar level of national debt compared its Gross Domestic Product (GDP).
Solution Needed To Prevent Crisis
The former VP emphasized on finding solutions for rectifying this issue before it reaches critical stage as he warned that if left unchecked then US may have no other option than facing such crisis soon enough . He suggested immediate attention should be paid towards controlling these unsustainable levels of spending & debts before it’s too late otherwise not just nation but also other countries around world which depend upon America’s financial power will suffer greatly due to its collapse sooner or later .
It is imperative for both democrats & republicans come together and work jointly towards stabilizing USA’s economy by creating sensible solutions which can help reduce deficit while simultaneously not putting excessive burden upon common people so they don’t face any negative consequences either directly or indirectly through rising inflation rate etc., if problem remains unresolved then very soon USA might find itself struggling under immense amount of debts & deficit leading them into bankruptcy eventually if plans are not made ahead for avoiding such scenario anytime soon .
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