This crisis is unfolding and America must change direction or our children will pay

Like dashboard warning lights in a family car, Federal fiscal indicators are a blinkered disaster. It’s time to pull over, lift the hood and fix the problem before it’s too late.

We live in a type of service site review. serving on the House Budget Committee; I sit. Unfortunately, the fiscal repair necessary to get us back on the path to financial health and prosperity requires much more than a fundamental adjustment.

The nation’s fiscal outlook is deteriorating rapidly following two years of new spending that has increased by more than $6 trillion and painful historic inflation.

HOUSE GOP plows ahead with own plan to cut spending after rejecting joint debt plan

At $31 trillion plus, our unprecedented, almost incomprehensible national debt dwarfs the size of our economy – the largest in the world.

Fox News Poll on the Deficit and Social Security. (Fox News Pick)

Over the next decade, the nonpartisan Congressional Budget Office says, our annual deficit will double, our interest payments will triple, and 50 cents of every dollar we borrow will be used to pay interest on this debt.

In 10 years, the interest payment alone is more than ours We spend on our entire national defense.

The only other time in American history that our debt-to-GDP ratio was this high was in the aftermath of World War II. We were able to recover from that because we had policies to reduce spending and grow our economy to a healthy balance.

The road ahead is even more dangerous today because of potholes in Washington — potholes the size of swimming pools.

The nation’s fiscal outlook is deteriorating rapidly following two years of new spending that has increased by more than $6 trillion and painful historic inflation.

Reckless spending and inflation have left working families and small businesses mired in a cycle of poverty and government dependency, with rising interest rates, rising interest rates, and economic devastation on small businesses.

What makes this all the more troubling is that we have been warned.

For the past three decades, the dashboard warning lights of demographics and rising auto-entitlement costs have been flashing, our fiscal engine overheated. This administration’s response? All gas, no brakes, and turned on the AC.

Time to think the unthinkable is over.

If we don’t change course—and soon—a sustained slowdown could quickly give way to a sovereign debt crisis that threatens not only our economy but our national security. Shrinking resources and tough choices threaten our republic and the future of our children.

The state of our fiscal union is unsustainable, but not irreparable.

With his budget proposal, the president had an opportunity to pull the trigger, look under the hood, and provide real leadership.

Instead, he chose to ignore the warning signs and drive our taxes, spending and borrowing to record highs in our country’s history.

In fact, even after higher taxes on families, entrepreneurs, and energy producers, it still may not be enough to offset the vast and radical expansion of government the president wants.

The 10-year spending proposed in the president’s budget is about a quarter of our entire economy, a level not seen since the invasion of Normandy. And because his failed tax-and-spending policies will limit growth, our debt-to-GDP ratio will worsen — reaching an unimaginable 220% by 2053.

At the State of the Union, the president kept saying, “Get the job done.” But their plan does not even begin to address the real challenges facing our country. His plan is too radical, too reckless, and too disconnected to meet this moment.

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Before it’s too late, we must reverse course by ending the spending spree, unlocking economic growth and fixing our nation’s finances.

If we don’t change course—and soon—a sustained slowdown could quickly give way to a sovereign debt crisis that threatens not only our economy but our national security. Shrinking resources and tough choices threaten our republic and the future of our children. The state of our fiscal union is unsustainable, but not irreparable.

As we try to pull our country out of the abyss it is in, several key principles emerge that must be included in any responsible plan:

• We need to rein in the dysfunctional and wasteful bureaucracy and the out-of-control spending it creates.
• We must reduce unnecessary government burdens and reestablish growth policies that create jobs and promote prosperity for all Americans.
• We must end the age of dependency for able-bodied adults, encourage labor force participation, and restore the dignity of work.
• We must end the attack on US energy production and release America’s energy dominance. And
• The first and most important job for the federal government: We must prioritize the safety and security of the American people.

With extraordinary courage and economic policies, we can avert the debt crisis, strengthen America’s balance sheet, and save the Union.

The longer we wait to begin this work, the more difficult our choices become—and the more likely future generations will be trapped by the side of the road in a cycle of state dependency.

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Without a sense of the urgency of the task before us, our children will not inherit the blessings of freedom and opportunity, but instead reap a whirlwind of irreparable economic disaster.

A healthy balance is the vehicle for advancing a secure, strong and prosperous nation.

But our dashboard is lighting up like a Christmas tree. It is showing high financial and economic risk. If we don’t act quickly, the car will be broken down by the time our kids are handed the keys. And what should be a repair job turns into a car breakdown.

Click here to read more from Rep. Joey Arrington