by Ken Root & Whitney Flach
In thoughtful commentary, John Block, farmer and former U.S. Secretary of Agriculture, addresses the real issue of government spending and the reality of politics.
The U.S. Government is in debt by so many billions that they are now using “trillions as the measure. A trillion dollars is a one and twelve zeros.
John Block’s commentary is underwritten by John Deere and the National Corn Growers Association. He shares that federal government revenue will post a 1% increase, but federal spending will spike up 5% with an aging population. Medicare and social security will continue to rise. The congressional budget office tells that the economy will grow very slowly over the next decade, probably at about 2% per year.
Block says, “Now using simple arithmetic, if the economy grows at 2% and spending grows at 5% we’re in trouble.” That would project to add $9 trillion in additional debt over the next ten years. “It is time for politicians to put this shocking threat on the table. It’s not too late, but changing course will not be easy.” Block shares that it has been ignored, not just on the national level, but in states and cities also.
“Business, farmers, and families cannot borrow their way into prosperity, and neither can government,” Block concludes.