U.S. Public Debt Levels and Annual Growth in Debt Burden
The interest paid on the debt is now the fastest growing category of federal spending.
DALLAS, August 7, 2023 (Newswire.com) - America faces continued inflation and rising interest rates if we don't get our financial house in order, and that's why presidential candidate Ryan Binkley is unveiling a seven-year plan to balance the federal budget and begin paying down America's soaring debt.
"If the Republican Party is honest with ourselves and we talk about the elephant in the room, Republicans have spent as much money in the last 40 years as Democrats, just on different things. It's time that we change that," Binkley told a cheering crowd recently. "The people I meet want a common sense solution to our debt. Instead of spending years fighting over every little program, our plan takes a holistic approach by asking all facets of government to tighten their belt. It's a comprehensive strategy to balance the federal budget, regain America's competitive advantage and boost economic growth for the sake of the next generation."
Binkley is an expert in finance and the founder of the mergers and acquisitions company Generational Group, which grew to nearly 400 employees with less than 1% debt to total revenue. The successful businessman understands how our nation's growing debt reduces the government's ability to control inflation and leads to rising interest rates and falling confidence in the United States.
"China and their allies are doing everything they can to weaken the dollar. Our economic health has to be strong, or we can't stand up to China," Binkley said.
Binkley spent weeks working with consultants to draft The 7-Year Economic RESCUE Plan, which centers around freezing government spending in 2024. The result is a balanced federal budget by 2031.
"Writing a budget starting from a spending freeze baseline will require some tough choices, but making tough choices is what taxpayers expect of their elected officials," Binkley said. "Our fiscal system is headed toward a crisis; we need a president who has the courage to set a new path."
The 7-Year Economic RESCUE Plan will eliminate programs that are inefficient and invest in those that are providing a return. It will reduce non-defense discretionary spending; prevent waste, fraud and abuse; and save Social Security for generations to come.
"My package of budget process reforms will bring accountability - and fiscal responsibility - back to the federal budget process," Binkley said. "We are $32 trillion in debt, pay 8 percent of our budget on net interest payments and have not attempted to balance the budget in decades."
Original Source: Presidential Candidate Ryan Binkley Unveils a Plan to Balance the Federal Budget in 7 Years