National Debt Skyrockets to $34 Trillion, Threatens US Security

Clear Facts

• The U.S. national debt has reached $34 trillion for the first time, just three months after surpassing $33 trillion.
• The federal government’s borrowing costs on the debt are expected to triple over the next decade, potentially rising from the current $475 billion to $1.4 trillion by fiscal year 2032 and $5.4 trillion by 2053.
• The national debt is equal to $100,000 for every adult and child in the U.S., and the debt-to-GDP ratio is the highest it has been since right after World War II.

The U.S. national debt has hit a record $34 trillion, according to data from the Treasury Department. This alarming figure comes just three months after the debt surpassed $33 trillion.

The federal government’s borrowing costs on this debt are projected to triple over the next decade, as reported by the Committee for a Responsible Budget. Debt payments could potentially escalate from the current $475 billion to a staggering $1.4 trillion by fiscal year 2032, and further to $5.4 trillion by 2053. To put this into perspective, in fiscal year 2022, the U.S. spent $944 billion on Medicare, $805 billion on Medicaid, and $1.2 trillion on Social Security.

House Speaker Mike Johnson (R-LA) voiced his concern about the situation, stating, “The national debt is the greatest threat to America’s national security, and the current addiction to reckless spending cannot be sustained.”

He emphasized that lawmakers from both sides of the aisle have a responsibility to reduce spending and put America on a path towards fiscal sanity.

Mississippi State Auditor Shad White highlighted the gravity of the situation by stating that the national debt equates to $100,000 for every adult and child in the U.S. He also pointed out that the debt-to-GDP ratio is the highest it has been since right after World War II.

The White House, responding to the news of the national debt’s new record, blamed Republicans. They claimed that tax breaks for corporations have “overwhelmingly” led to the increase in debt.

White House Assistant Press Secretary Michael Kikukawa stated, “This is the trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy.”

He added that President Biden has a plan to cut the deficit by $2.5 trillion by “making the wealthy and big corporations pay their fair share and cutting wasteful spending on special interests.”

However, the Biden administration has also faced criticism for its fiscal policy. Sen. Rick Scott (R-FL) accused Biden of “destroying our country with his reckless spending.”

He pointed out that it took Biden just 105 days (Sept. 15-Dec. 29) to increase the national debt by another trillion. When Biden took office, the national debt was $27 trillion. Today it stands at $34 trillion.

The national debt has increased under each president since Calvin Coolidge, with the largest percentage increases coming under Presidents Franklin D. Roosevelt, Ronald Reagan, George W. Bush, and Barack Obama.

As the national debt continues to rise, Congress has just weeks to agree on new department budgets. This follows the House and Senate passing a stopgap spending bill in November to avert a government shutdown.

Clear Thoughts (op-ed)

The U.S. national debt has hit a staggering $34 trillion, a record high that should alarm every American. This isn’t just an economic issue, it’s an issue of national security. Our country’s financial stability is at risk, and yet, Washington continues its reckless spending spree.

The burden of this debt is not abstract. It translates to $100,000 for every man, woman, and child in our nation. The debt-to-GDP ratio is at its highest since World War II, a grave indicator of our fiscal health.

The White House’s response to this crisis? Blaming Republicans and promising more spending. Yet, the truth is clear: the national debt has increased under each president since Calvin Coolidge, regardless of party.

The solution to this crisis isn’t partisan blame games or empty promises. It’s fiscal responsibility, something Washington seems to have forgotten. We need to cut wasteful spending and prioritize our nation’s financial health, or we risk leaving our children and grandchildren with an insurmountable debt.

Let us know what you think, please share your thoughts in the comments below.

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