The Crisis Few People Care

“How did you go bankrupt? Gradually and then suddenly.”

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Photo by Towfiqu barbhuiya on Unsplash

The Committee for a Responsible Federal Budget (CRFB) reported that the interest payment of our national debt has surpassed government spending on national defense, Medicare, and “more than all the money spent this year on veterans, education, and transportation combined.” The fiscal crisis conservatives have warned for years has arrived. However, politicians from major parties and the corporate media have avoided discussing it because they don’t care, and they assume most Americans don’t either. 

It’s crucial to recognize that both Republicans and Democrats share the blame for America’s fiscal failure. The U.S. Government Accountability Office (GAO) reports that the federal government has been running a deficit since 2002, consistently spending more than it earns and adding to its debt. However, Joe Biden’s excessive spending has catapulted our national debt into crisis mode. 

In his three years in office, Biden added  $6.3 trillion to the national debt, bringing the total public debt to nearly $35 trillion as of May, or more than $266,000 per taxpayer. The public debt growth rate is shocking—the national debt increases by $1 trillion every 100 days. Why aren’t any American youth protesting against this debt burden? They are destined to be clogged by it and may never enjoy the prosperity their parents and grandparents’ generations have enjoyed. 

The future looks bleak if we continue on this path. Joe Biden is projected to add another $1.5 trillion to our debt by the end of his fourth year. By 2025, America’s total public debt is forecasted to reach a staggering 102 percent of its GDP. The Congressional Budget Office (CBO) warns that if we don’t take action, our national debt will grow at a rate more than twice that of the economy, potentially reaching 200 percent of GDP by 2050. These are not just numbers; they are a dire warning of the economic storm that lies ahead.

Back in 2010, when the national debt was about $13 trillion (oh, those good old days!), Joint Chiefs of Staff Chairman Adm. Michael Mullen warned that “the most significant threat to our national security is our debt” because when the government spends more money on servicing debt, it will have less to spend on national defense. Adm. Mullen’s warning sadly came true in 2024.