Commentary
Most people don’t lie awake at night worried about the national debt. Unfortunately, that includes President Joe Biden and the spendaholic Democrats in Congress.
They should be worried. Frankly, so should you, no matter what your politics. Economics is a science, and numerous studies by world-class economists confirm that when a nation’s debt gets too high, it pushes the economy into decline. Inflation soars, jobs become scarcer, and mortgage rates to buy a home are unaffordable. Ouch.
The United States is heading off that cliff. The national debt is at the highest level since WWII, and is forecast to break that record soon. In 2022, it hit 98 percent of GDP—everything we all produce going to work every day—and is growing rapidly. The U.S. is in the company of nations such as Mozambique, Bhutan, Angola, Portugal, and Greece. We don’t want our kids to live in a crumbling economy….