The U.S. national debt has ballooned to over $35 trillion, and alarmingly, neither major political party seems concerned. The issue of debt and deficit has been conspicuously absent from the last three election cycles. Tackling this problem would require painful spending cuts—something no candidate is eager to propose.
Both Donald Trump and Joe Biden have made promises that could worsen the debt, such as Trump’s suggestion to buy 1 million Bitcoin or Biden’s “Inflation Reduction Act,” which has ironically added more to the debt. With annual interest payments on the debt now approaching $908 billion — nearly equal to the defence budget — the situation is becoming increasingly unsustainable.
As interest rates rise, the cost of servicing this debt will only grow, potentially leading to a financial crisis within our lifetimes. The debt may not be priority in the current political discourse, but its consequences are too significant to ignore.
Sven Franssen