The National Association for Business Economics (NABE) has surveyed economists, looking to determine what these people’s top issues were as we move into the main election season. The results don’t look good for Democrats.
Whoever wins the White House in November will need to put three policy items at the top of the “To Do” list, according to 132 of the nation’s top economists.
A majority of panelists identifies budget deficits and immigration reform as the top two policy issues facing the next administration,” said National Association for Business Economics (NABE) President Ellen Zentner, chief economic strategist and global head of thematic and macro investing for Morgan Stanley Wealth Management.
NABE’s August survey, released Monday, also listed the overall economy as the third priority.
Kamala Harris, we should note, is proposing trillions in spending, meaning trillions in debt added on to the $35 trillion the nation’s taxpayers are already on the hook for. The economists polled by NABE made it very clear that this was a primary issue.
Fifty-nine percent of participants listed budget deficits as the number one issue. The U.S. borrowed over $1.5 trillion over the first 10 months of the fiscal 2024 year, including more than $240 billion last month, according to the Congressional Budget Office’s Monthly Budget Review.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, urged the next president not to waste time in confronting these issues.
“Our fiscal trajectory cannot be left on autopilot – the stakes are far too high and the consequences far too steep to leave our national debt climbing in perpetuity,” she warned in the report’s release.
Here’s the problem: It’s probably too late.
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This is an economy-destroying issue. We have outspent our ability to recover from this disaster. We can inflate our way out of it, with a Zimbabwe-level of mega-inflation allowing us to pay the debt down with worthless currency – and sending the global economy into a tailspin. We can repudiate the debt, essentially telling all who hold it, “Sorry, you’re screwed,” and again, sending the global economy into a tailspin.
Or we could cut spending. Dramatically. I’m not talking about reducing the rate of increase. I’m talking about taking a Viking war-axe to the federal government and the federal budget. But let’s be real; nobody is going to do that. Nobody is proposing it. Nobody in Washington is even willing to talk about it.
Kamala Harris, at the Democratic National Convention starting Monday, will be laying out her economic plan, and it will be ruinous. Trillions in spending, trillions in debt, spending the nation into penury. The economists surveyed by NABE are warning us about this issue, but let’s be honest, nobody in Washington is listening. We have, as I keep saying, mortgaged our grandchildren’s futures, and history will rightly condemn us for it.
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