What it would cost to stabilize the soaring national debt
By Neil Irwin, author of Axios Macro
It would take spending cuts or tax increases equivalent to $2,400 per American per year to stabilize the national debt, according to a new book that shows the U.S. government’s fiscal situation is more precarious than lawmakers of either party acknowledge.
Why it matters: The numbers amount to an alarm bell about America’s fiscal vulnerability at a time when there is bipartisan resistance to steps that might change the course in a major way.
