Financial Burden for Federal Benefits to Fall on State and Local Governments: Researcher

Don Ma
By Don Ma
June 19, 2024Business Matters

The Congressional Budget Office says the U.S. budget deficit will jump to nearly $2 trillion in 2024. Thomas Savidge, research fellow at the American Institute for Economic Research, looks at how that will affect everyday Americans. He warns that at this spending rate, the federal government will run out of money, and state and local governments will be on the financial hook to pay for federal benefits such as Social Security. Mr. Savidge explains how this will have a negative impact on economic growth and the cost of living, or how future generations could end up paying the price for current spending.