Blessed are the young, for they shall inherit the national debt. Congress and the president are at logger heads on spending priorities, but controlling spending isn’t a focus with either side.
The deficit this past fiscal year approached $1 trillion, bringing our total debt to $22 trillion. In five years, the interest on debt will be $600 billion, almost the amount we spend on defense and 15 percent of federal spending. As interest rates rise, the interest exposure grows.
The national debt amounts to $126,000 per household. If every household contributed $1,000 per month toward paying down the current national debt, it would take 11 years.
Unless spending is controlled, this escalating debt increases our nation’s vulnerability. It will cause inflation to surge, thereby increasing interest rates on mortgages, car loans, etc. Far worse, it increases the potential default on U.S. obligations. Regrettably, this exposure is ignored by politicians and not understood by taxpayers.
We have no money for free college, reparations, Medicare for all, guaranteed income, Green New Deal or paid family leave. We’re in a deficit hole and must stop adding to it or it will bury us. We get what we accept.