As the summer is coming to a close and kids are getting ready to go back to school,I’ve been thinking more and more about the America we are leaving to our children and grandchildren. If the national debt continues to grow unchecked, it will have devastating effects on future generations.
This year, the national debt reached the staggering high of $32 trillion dollars and it shows no sign of slowing down. Even as the government has taken in more money than ever in the past couple of years, spending has continued to outpace revenue.This alone should be a red flag for anyone paying attention, but there’s more.
As the debt continues to rise, the government has to borrow more and more money just to keep things going. This has increased interest rates for everything from student loans to mortgages. These higher rates can have a negative effect on economic growth, discourage investment, and lead to increased costs for American families.
The debt is not just a number on a balance sheet, it has real life consequences, and they are all negative. The burden of repaying this debt will fall on future generations.Just like passing down debt from one family member to another, those who come after us will be hampered by our failure to tackle this issue head on. They will no doubt face higher taxes, reduced government services, and even higher interest rates on loans. It will also result in decreased national security.
The long-term health of America depends on the health of our economy. Excessive debt reduces our ability to meet obligations, control our destiny, and respond to crisis.The longer we carry a high level of debt, the more we are left vulnerable to foreign creditors and economic instability.
In short, our refusal to address the debt will leave future Americans with a less stable, less secure, and less prosperous future. I’m still working to get out the word and turn the tide. I look forward to you joining me in this important work.
Debt Rating Downgrade
Fitch Ratings recently downgraded the U.S. government’s credit rating. The major ratings firmed warned about the continuously growing debt and political dysfunction prohibiting Washington from addressing it.
How I see it: Unfortunately, the failure of our leaders in Washington to tackle the debt has left the field wide open for problems to flood in. You can only borrow money as long as someone is willing to lend it to you. This downgrade is a bad grade for politicians on their handling of the national debt.
In Case You Missed It
I joined former congressional candidate Kim Klacik on her show to talk about how the national debt will affect future generations of Americans. You can listen to it here.