I remember when people expressed outrage in the Reagan era that the national debt had crossed the $1 trillion dollar mark. They were right to do so, though for most of them it was more a matter of political posturing than true concern over the fiscal health of the nation.
Which is why, three decades later, the high tide just keeps getting exponentially higher:
Want to know why you can’t get any interest on your savings? It’s because the government has to keep interest rates artificially low. Not so much to boost housing sales (though this is a useful cover story). No, it’s because if interest rates returned to historic norms, the interest on the national debt would, by itself, consume all the revenue generated by income taxes!
And yet people thought Admiral (ret) Mullen was off base when he said the debt was one of our biggest national security challenges…
This can’t continue on the trajectory it’s on. And as the saying goes, “that which can’t go on forever, doesn’t.”