Former South Carolina Governor congressman Mark Sanford on Wednesday announced plans to launch a nonprofit aimed at educating citizens on the national debt and the dangers of the country’s financial path.
“Our present financial course is unsustainable,” Sanford said in a press release. “Never have we seen this level of debt in peacetime and it will have grave consequences for each one of us if left unchecked. History shows that soaring national debt, deficits, and government spending are hardly a recipe for national prosperity, and more people need to be informed on this.”
The organization, Americans for Debt and Deficit Reduction, will be nonprofit and nonpartisan, according to his release.
The current national debt of the U.S. – $24.95 trillion – now exceeds the size of its gross domestic product. The coronavirus pandemic and economic collapse that followed unleashed a historic run of government borrowing, including trillions for stimulus payments and unemployment claims and loans to help small businesses.
The U.S. Treasury is also expected to borrow over $1 trillion more through the end of the year.
The federal budget deficit was $2.8 trillion in the first 10 months of fiscal year 2020, $1.9 trillion more than the deficit recorded during the same period last year, according to the Congressional Budget Office.
“Education, and action, are key to solving what confronts us, and it’s our hope that Americans for Debt and Deficit Reduction plays a constructive role in advancing people’s understanding and appreciation for what’s mathematically before us,” said Sanford.
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