The alarming state of the U. S. national debt, suggesting that the greatest threat to American power comes not from external adversaries but from its growing debt crisis.
• The U. S. federal government has spent more than it earned every year since 2001, leading to a national debt of nearly $39 trillion, up from less than $6 trillion in 2001.
• Over the past 25 years, the U. S. has accumulated $33 trillion in debt, which is significantly more than the total debt from the previous 212 years (1789-2001).
• The acceleration of debt is concerning; $10 trillion has been added in the last five years alone, and the government now incurs $8 billion in new debt daily.
• The historical perspective indicates that great nations often decline due to overwhelming debt, with examples such as Habsburg Spain and the Ottoman Empire.
• A critical point identified by historian Niall Ferguson is when a nation’s debt servicing costs surpass defense spending, signaling jeopardy for national power. The U. S. is approaching this limit.
• Essential programs like Medicaid, Social Security, and federal pensions rely on manageable debt levels.
• Cutting spending alone won’t resolve the issue; economic growth is necessary. There are hopes for growth through advancements such as AI-driven productivity.
• A combined approach of spending restraint and growth could reduce the deficit over time, crucial for future generations’ prosperity.
The article stresses the importance of addressing the national debt to maintain U. S. strength. How the government manages this debt will determine whether future generations will experience better living conditions or face increased challenges, akin to those in Europe today.
https://spectator.org/great-nations-arent-destroyed-by-enemies-theyre-destroyed-by-debt/
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