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The U.S. national saving rate has declined significantly since the mid-1960s.
Despite recent declines, U.S. household debt is still very high relative to disposable income.
The national debt is on an unsustainable path.
https://www.pgpf.org/chart-archive/0202_federal-debt-proj-since-1930
Between 2006 and 2051, spending on federal health programs is projected to more than double.
https://www.pgpf.org/chart-archive/0114_federal_health_spending
Increasing the debt ceiling allows the Treasury to borrow funds to pay for government obligations that have already been incurred as the result of laws and budgets approved by the President and Congress.
On average, Social Security benefits exceed Social Security taxes over an individual’s lifetime.
https://www.pgpf.org/Chart-Archive/0198_social_security_lifetime_benefits
Social Security provides social insurance by redistributing income from high earners to low earners.
https://www.pgpf.org/chart-archive/0244_social-security-income-redistribution