Dear Editor,
I am encouraged to see that the issue of our staggering national debt ($28 trillion and counting) is getting some traction in the news. It was the topic of one of the first questions asked in the recent presidential debate. Unfortunately, neither candidate had a concrete plan for addressing the drivers of our current situation or appeared to find addressing it as urgent as it clearly is.
Perhaps the easiest way to understand the size and scope of the debt, and its effect on all of us, is by looking at it from a perspective most of us can relate to: that of a borrower. In the same way that the generationally high interest rates we are experiencing have priced a lot of families out of being able to buy a home and kept businesses from making capital investments, the federal government is feeling a similar pinch, just of much greater magnitude.
In fact, interest paid on our debt will be the second largest item in the federal budget this year, ahead of defense spending, Medicare and any number of other high priorities. And, just like those prospective homeowners or the business leaders noted above, we will have to forego certain things that we want or need to spend on due to our massive obligations to those holding our debts.
It’s time to let our Senators, Representatives and candidates for these offices know that we will support them in trying to find solutions to the debt crisis. It is the only responsible thing to do.
Wyatt Cunningham
Fort Collins, CO
[Editor’s note: The U.S. national debt was reported to be $28 trillion in 2021. Earlier this year, it reached $34 trillion, CNBC reported.]
