At $40 trillion in debt, Washington is stealing from younger generations

The national debt of the United States has surpassed the jaw-dropping figure of $40 trillion, a sum that translates to approximately $117,000 for each man, woman, and child residing in the country. This staggering sum is a cause for concern, but it is the trajectory of this debt that should truly alarm us. The federal government no longer borrows funds solely during times of war, economic downturns, or national crises. Instead, Washington is now running significant structural deficits each and every year.

Congress spends far greater amounts than the government collects, and these differences are added to the already massive debt without any reliable strategy to curb the growing burden. If current trends persist, the debt could reach an ominous $50 trillion by as early as 2032. This mounting debt is already casting a shadow over the lives of individuals who enter the workforce, purchase homes, launch businesses, and raise families.

The heavy borrowing by the federal government competes with families and businesses for available capital, leading to an increase in the cost of mortgages, car loans, and other forms of financing. Persistent deficits also contribute to inflationary pressures, driving up the prices of essential necessities such as rent, groceries, utilities, and more.

As Washington diverts a larger portion of the budget to servicing debt, less money is available for critical areas such as education, infrastructure, medical research, and national defense.