The current state of our debt is nothing short of disastrous, and the path to recovery seems increasingly elusive. While some may argue that our debt as a percentage of GDP was just as high at the end of World War 2, it's crucial to remember that the United States was the only economic and manufacturing superpower left standing in 1946. The major cities of Europe and Asia were in ruins, their economies obliterated. The United States was the only viable player in the global economic game, a factor that significantly aided our recovery. However, we cannot rely on such circumstances today.
According to RedState, the U.S. debt has surged by an additional $473 billion in just the last three weeks. This staggering figure translates to an additional $1,450 of debt for every American, pushing the total U.S. debt to a record $35.8 trillion. This means that every American, regardless of age or gender, now holds a record $103,700 of debt. The implications of this debt are far-reaching, affecting the economy from top to bottom. The federal debt influences interest rates, stock market volatility, and has the potential to destabilize the entire financial system.
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The U.S. deficit spending as a percentage of GDP remains at World War 2 levels. By 2024, we are projected to incur over $1 trillion in interest expense. The term 'unsustainable' barely scratches the surface of the gravity of this situation. Something must change, and soon.
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There are three potential solutions to this predicament. We could repudiate the debt, but this would likely plunge the global economy into chaos. We could attempt to inflate our way out of the debt, but this would necessitate a level of inflation akin to that of the Weimar Republic or Zimbabwe to pay off the national debt with worthless dollars. Alternatively, we could stimulate economic growth to offset the debt. However, this would require a federal government willing to implement pro-growth policies.
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Regardless of the chosen approach, none will be effective unless we curb the rampant spending. As Senator Rand Paul recently pointed out in a Senate speech, Congress spends "like drunken sailors." This fiscal year, the federal government is projected to spend $6 trillion while only taking in $4 trillion. However, there's a fundamental flaw in this comparison: drunken sailors spend their own money, while Congress spends money either forcibly taken from us through taxation or borrowed in our name.
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The bill always comes due.
This excessive spending is partly cultural, as are the anti-growth policies championed by politicians like Kamala Harris. An old saying often attributed to the Chinese philosopher Confucius seems particularly apt in our current situation: "In a nation with a good government, poverty is shameful. In a nation with a bad government, wealth is shameful."
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When discussing the need to cut federal spending, it's important to clarify that this doesn't merely refer to reducing the rate of increase or making minor adjustments. The United States is hemorrhaging financially, and the first step to recovery is to staunch the bleeding. Unfortunately, no political candidate seems to be addressing the drastic measures that must be taken: defunding and disbanding every federal agency not explicitly authorized by the Constitution.
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The path to recovery is clear: cut spending. This is an inevitable step that must be taken sooner rather than later. The longer we delay, the more challenging the solutions will become. As it stands, we have mortgaged our grandchildren's futures, a decision for which history will rightly condemn us.
