Commonwealth Policy Center

The U.S. national debt is now greater than $33 trillion for the first time. There’s no sign of the debt snowball slowing down. Some projections estimate that our national debt will pass $50 trillion by the end of the decade. A couple considerations come to mind. First, we’re paying interest on this debt. And as interest rates increase, less of the federal budget can be spent on existing obligations. Second, we’re financing our children’s future. Debt is getting something now and paying for it later. The consequences of massive debt doesn’t care about party labels. Both Republicans and Democrat citizens will suffer. And its our children and grandchildren will end up paying the tab.