The United States has reached an outlandish milestone: its national debt has surpassed $34.9 trillion for the first time in history. This staggering figure represents more than just a number; it’s a reflection of the ongoing failure of the federal government to spend responsibly and within its means.
EJ Antoni, an economist with the Heritage Foundation, describes the situation as a “borrowing binge and spending spree.”
To put this in perspective, consider this striking fact: in June, interest payments on the federal debt consumed 76% of all personal income taxes collected. It’s as if you worked hard all month, only to see three-quarters of your paycheck go towards paying interest on credit card debt.
The latest Treasury report paints outlines the problem perfectly. In June alone, the government spent $532 billion while only taking in $466 billion, resulting in a $66 billion deficit. The three largest sources of revenue were individual income taxes ($185 billion), social insurance and retirement taxes ($181 billion), and corporate income taxes ($81 billion).
But here’s where it gets even more alarming: interest payments on the national debt ($81 billion) outpaced spending on critical areas like national defense ($67 billion), Medicare ($22 billion), and even the entire Department of Health and Human Services ($75 billion). It’s like a family spending more on credit card interest than on food, healthcare, or home repairs.
This is the scariest chart I’ve ever made. This is what it looks like when a country is heading toward a financial precipice.
Each color shows $1T getting added to the national debt.
Not that long ago, it took six years to add a bar.
We’re now adding one every 90-120 days.… pic.twitter.com/RZ1B8vrZqW
— Robert Sterling (@RobertMSterling) March 11, 2024
Rep. Mark Green (R-Tenn.) aptly describes this situation as “unsustainable,” emphasizing the urgent need to control spending.
His colleague, Rep. Chip Roy (R-Texas), goes further, arguing that excessive debt threatens American freedom itself. In a passionate floor speech, Roy stated, “I would suggest to you that in supposedly the freest country in the history of mankind, that we are no longer free.”
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This isn’t a new problem, but it’s rapidly accelerating. Sen. Rand Paul (R-Kentucky) has long warned about the dangers of unchecked debt, calling it “the biggest threat to our country and your future.”
To illustrate how quickly the situation has deteriorated, Paul’s wife shared an anecdote: in 2008, Paul dressed up as the national debt for Halloween when it was $10 trillion, considering it “pretty scary.” Now, at nearly $35 trillion, she describes it as “terrifying!”
The pace of debt accumulation is breathtaking. Rep. Thomas Massie (R-Kentucky) notes that “our debt is increasing by $1 trillion dollars every 136 days.” To put that in family terms, he explains, “your family’s share of the debt is increasing by $10,000 every 136 days.”
Some might argue that we should simply “tax the rich” to solve this problem. However, Massie points out the impracticality of this approach: it would require taxing “one million millionaires a million dollars each, every 136 days.”
While both parties bear responsibility for this fiscal mess, it’s clear that Congress needs to take its budgetary duties more seriously. Just as families can’t continually spend beyond their means without consequences, neither can the government. The longer we delay addressing this issue, the more difficult and painful the eventual solutions will become.
The national debt isn’t just a abstract concept – it has real-world implications for our economy, our global standing, and our individual financial well-being. It’s time for both parties to take this seriously and actually rein in spending, reform entitlements, and put our nation on a sustainable fiscal path rather than bloviating about it.
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The clock is ticking, and at $34.9 trillion and climbing, we can’t afford to ignore this problem any longer.
