Sen. Sessions spoke on the Senate floor today to lay out the dangers that America‘s growing debt burden is already placing on the economy. As reported in the study by the economists Reinhart and Rogoff–a study that was endorsed by Treasury Secretary Geithner and the chairman of Morgan-Stanley–countries with high debt-to-GDP ratios are consigned to slower economic growth than countries with manageable debt. The U.S.’ debt, currently at 95 percent of GDP, is already past the warning threshold identified by Reinhart and Rogoff.

Based on estimates from President Obama’s Council of Economic Advisors, this means we could be putting as many as one million jobs per year at risk.

Despite these threats, it has now been 770 days since the Democrat Senate has passed a budget. As Sessions noted, “the failure of this body to produce a spending plan to tackle our nation’s debt only creates more uncertainty in the economy. Doubt and fear are driving away jobs, stifling growth and investments. That is a fact.”


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s