Kevin McCarthy unveiled his plan to begin the negotiation process with President Biden.
As the negotiations begin, it is important to note that the U.S. Debt Clock shows the U.S. GDP ratio to be 120.35%.
Why should we be concerned about GDP?
In his 2020 essay published in The Catalyst and titled A Historical Look at National Debt Teaches an Unambiguous Lesson, J. H. Cullum Clark, Director of the Bush Institute-SMU Economic Growth Initiative wrote, “Throughout history, leading countries that have chosen ever-rising government spending and debt have undermined their economies as well as their position in the world. The good news for America in the 2020s: History also offers numerous cases of nations that reversed upward debt spirals and laid the foundation for long-term prosperity.”