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Opinion: ‘Most predictable crisis’ in history continuing as predicted

File photo/Haiyun Jiang/The New York Times / The U.S. Capitol in Washington is seen on Tuesday, March 19, 2024. The federal debt as a share of the U.S. economy is poised to hit a record by 2029 and will continue to rise over the next three decades, the nonpartisan Congressional Budget Office has said.
File photo/Haiyun Jiang/The New York Times / The U.S. Capitol in Washington is seen on Tuesday, March 19, 2024. The federal debt as a share of the U.S. economy is poised to hit a record by 2029 and will continue to rise over the next three decades, the nonpartisan Congressional Budget Office has said. File photo/Haiyun Jiang/The New York Times / The U.S. Capitol in Washington is seen on Tuesday, March 19, 2024. The federal debt as a share of the U.S. economy is poised to hit a record by 2029 and will continue to rise over the next three decades, the nonpartisan Congressional Budget Office has said.

By The Las Vegas Review-Journal Editorial Board (TNS) 2 min read

If you want inflation to drop, pay attention to the national debt.

Interest payments on the debt recently surpassed spending on defense and Medicare, according to the Committee for a Responsible Federal Budget. In the first seven months of this fiscal year, it cost the federal government $514 billion to service the debt.

Context can help. For instance, over the same time period, defense spending totaled $498 billion. Medicare cost $465 billion. The United States spent more on interest than on transportation, veterans and education combined.

This is the inevitable result of a government that refuses to exercise fiscal restraint. In just the past decade, the debt has doubled and now sits at nearly $35 trillion. That figure borders on the unfathomable.

America’s population is nearing 340 million. Each American’s share of the interest costs now exceeds $1,500. And that’s just since October. Each individual’s share of the national debt is more than $100,000. That includes every newborn and retiree. If you’re looking for a unique birthday gift for your grandson, consider a card with a big IOU. That’s the legacy older generations are leaving their grandchildren and great-grandchildren.