Young Boozer, the Alabama State Treasurer, addressed the Houston County Republican Women’s gathering on Thursday afternoon in Dothan.
In an election year, Boozer addressed the concern for the increasing national debt, and also provided an update on the state economy.
According to Boozer, the state’s economy is experiencing rapid growth, which he attributes to the implementation of a balanced budget.
Boozer reported a growth of over $400 million last year after establishing a balanced budget. The projection for this fiscal year is even greater.
Boozer expressed his excitement about the remarkable achievement of making $575 million dollars this year. He admitted that he never thought they would be able to accomplish such an impressive feat. He also mentioned how effectively they managed their cash flow to generate a billion dollars in a short period of time.
As we approach the 2024 election year, there is an anticipation for politicians to present their proposals for the national debt.
Despite promises to reduce the national debt, it has consistently grown by over $1 trillion annually since 2017.
According to Boozer, the current pace of accumulating national debt is alarming. He expresses his concern that it may become impossible to pay off the debt, and estimates that it could take hundreds, if not thousands, of generations to eliminate it completely.
According to Boozer, achieving financial progress on a national level requires the balancing of the budget.
Boozer emphasized the importance of achieving fiscal responsibility at the national level and bringing the budget into balance. He stated, “We must get that $2 trillion to zero and maintain a balanced budget.” He further added that as the economy grows over the next decade or two, the current outstanding amount will be put into perspective and become more manageable.
All states except Vermont mandate a balanced budget option for their state in some capacity.
