More than a third of our budget depends on a source that’s headed for financial ruin. The federal government is now $14 trillion in debt and running a $1.3 trillion deficit. That’s bad news for South Carolina.
Tag: Federal Spending
Federal government spending comes with costs; it should not be accepted as the free-lunch it is frequently considered to be. Every dollar the government spends must first be removed from the pocket of the private sector through higher taxes today, or higher borrowing today implying higher taxes tomorrow. Either way, government spending crowds-out private sector spending, diminishing the private economy’s rate of growth.