The Council on Foreign Relations as produced an excellent report on the dangers of America’s growing debt. It says:
The total debt of the U.S. government now stands at just under $35 trillion. That is $103,000 for every person in the United States and is equal to 99 percent of the country’s gross domestic product (GDP). That’s a level of indebtedness the United States hasn’t seen since the end of World War II when the national debt hit 106 percent of GDP.
The U.S. national debt is rising because Washington is spending more than it takes in as revenue. Last month, the U.S. government added $347 billion to the deficit. Current projections show the government outspending its revenues by $1.2 trillion this fiscal year.
While the national debt isn’t an issue on the campaign trail, it could prove a challenge to whoever wins in November. As the saying goes, things that aren’t sustainable tend not to be.
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