The Patriot Post® · The National Debt: Does Anyone Care?

The presidential election is just 46 days away, and there are plenty of important issues being discussed by Americans around the kitchen table and in the workplace.

Inflation, immigration, and abortion seem to be the hot topics of the 2024 cycle. And while these issues are certainly worth talking about, we’ve forgotten about a dark cloud hanging over America that’s growing larger and more ominous with each passing year. In fact, it grows by the minute.

We’re talking about the national debt, which is now over $35 trillion and exploding by millions of dollars every minute.

Most of us can’t truly appreciate the significance of 35 trillion of anything, but putting it into the context of the average American budget might bring it home. Heritage Foundation economist EJ Antoni writes, “Imagine being in so much credit card debt that the finance charges alone are the third-largest item in your monthly budget. That’s precisely where the federal government is today because the spendthrifts in Congress and the White House have put $34.4 trillion on the nation’s credit card.”

Antoni adds, “Whether you know it or not, you’re already paying for this. After the explosion of federal debt in the last several years, the Treasury is now paying over $1 trillion per year just to service the debt. That doesn’t pay off the debt; it just covers the interest, which exceeds how much the government spends on military programs.”

We’re not only paying for the debt in terms of inflation; our tax dollars are also wasted on reckless spending. Many Americans, for example, like to think they’re helping to strengthen the military and shore up our infrastructure when their tax dollars go to Washington every payday. But the Committee for a Responsible Federal Budget reports that nearly 40% of our taxes go toward paying off interest on the debt.

Think about it: Politicians need 40 cents from every dollar earned by taxpayers to keep the country afloat because they don’t have the courage or the will to rein in spending. Years ago, the debt was a serious concern. We were often warned of a debt apocalypse, but nothing ever happened. The Fed just turned on the printing presses when Congress needed money, the value of the dollar continued its downward spiral, and we kept borrowing money to service the debt.

All along, we knew the dollar wasn’t buying as much as it did in the past. In fact, it takes $2 today to purchase what $1 got you in 1997.

It shouldn’t be a surprise. Politicians know many voters like handouts more than tough talk on real issues. A candidate who promises to put money in our pockets will win hands down over one who says we’ve got to tighten up our national purse strings.

Putting the issue into perspective, it’s worth looking back at the national debt at the end of recent presidencies. When Ronald Reagan left office, it was $2.8 trillion, a number most Americans thought was insurmountable if they could even wrap their minds around it at all. Even a couple of balanced budgets during the Bill Clinton years didn’t fix the problem, as the debt reached $5.8 trillion by 2001. The debt was $11.9 trillion when George W. Bush left the White House. And both Barack Obama and Donald Trump each added another $8 trillion. As for Joe Biden, his administration has already added $7 trillion.

That’s why Trump and Kamala Harris avoid the issue altogether. They’re both part of presidential administrations that haven’t done squat about reducing the debt. Harris, in particular, is promising a range of programs and handouts that will make the current deficit look minuscule.

According to The Wall Street Journal, “Both Harris and Trump were parts of administrations that helped produce those deficits. Both have promised to protect the biggest drivers of rising spending — Social Security and Medicare.”

The Journal adds, “Economists and policymakers already worry that the growing debt pile could put upward pressure on interest rates, restraining economic growth, crowding out other priorities and potentially impairing Washington’s ability to borrow in case of a war or another crisis. There have been scattered warning signs already, including downgrades to the U.S. credit rating and lackluster demand for Treasury debt at some auctions.”

Again, these are the same dire warnings we’ve been hearing for decades, but the power of the Federal Reserve to print money and cook the books is enough to prevent a financial tsunami from bringing down the whole system.

At some point, that wave is going to come crashing down. In fact, the Congressional Budget Office forecasts that the national debt will rise to $54 trillion in the next decade. Servicing the debt will continue to swallow a larger percentage of the federal budget, and the only way to sustain that is to create inflation.

Meanwhile, Republicans and Democrats look the other way.

If there’s one thing Americans can learn about American politics, it’s that politicians love to ignore a problem they’ve created. Instead, they’d rather leave it to the next generation. This is why our children and grandchildren will pay a big price for the malfeasance of those who claim to care about our future.