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When President-elect Donald Trump enters office on Jan. 20, he will inherit almost $20 trillion of national debt. This debt is a threat to the American economy, and its key driver—unsustainable spending—must be controlled.
Come Jan. 20, the new administration should act immediately to tame the federal budget and reduce the national debt. Here are three solutions from The Heritage Foundation’s Blueprint Series that do just that.
Reform - Autopilot - Entitlement - Programs
1. Reform autopilot entitlement programs.
Entitlement programs like Medicare, Medicaid, and Social Security make up the largest portion of the federal budget. In 2015, major entitlement programs consumed 52 percent of all tax dollars. They will grow to consume even more of the budget unless lawmakers intervene.
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Currently, entitlement programs run on autopilot, meaning they don’t require new spending bills to keep running. Because of laws put in place years ago, agencies spend whatever is necessary each year to fund these programs, and it is politically unpopular for politicians to reform or downsize them.
Administration - Mandatory - Programs - Solutions - Obamacare
The next administration should reform these unsustainable mandatory programs. Some commonsense solutions include repealing and replacing Obamacare, modernizing Medicare, capping the federal allotment for Medicaid, and making reforms to Social Security.
2. Balance the budget.
Budget - Deficits - Debt - Control - Years
Persistent budget deficits allow the national debt to spiral out of control. For the last 50 years, the federal budget had an average deficit of 2.8 percent of...
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