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How Our National Debt Jeopardizes Families’ Futures

Lawmakers focused on their reelection in a few months or years care little about whether the United States faces economic stagnation decades from now.

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Contrary to what some on the right might believe, there are times when being in a red state is neither conservative nor positive. A recent Wall Street Journal column, titled “America Is in a Red State,” explains why. 

By the end of the last quarter, the federal debt topped 100 percent of GDP. And this rising debt, fueled by persistent deficits, will harm the country’s economic prospects for generations in ways that today’s politicians seem not to care much about.

Milestone Debt Growth

An article in the Journal noted, “As of March 31, the country’s publicly held debt was $31.265 trillion, while GDP over the preceding year was $31.216 trillion.” It isn’t the first time federal debt exceeded the size of the nation’s economy; our debt set a record (at least for now) of 106 percent of GDP in 1946, just after World War II. Federal debt also exceeded GDP for a short time in 2020 during the coronavirus panic, as the economy........

© The Federalist