National leaders must address U.S. debt crisis

Kel Wilson’s Forum essay regarding the national debt is important (“National debt risks leaving financial mess to children,” The Herald, June 1). It’s one of the reasons I subscribe to your paper.

Despite Wilson’s research from the Congressional Budget Office, the U.S. Public Debt Clock, and economist Raghuram Raja, it’s not a risk that we’ll leave our children a financial mess. It’s a certainty that we will. The ratio of debt to GDP will grow from 100 percent in 2024 to over 190 percent in 2050, per the Penn Wharton Budget Modeling enclave. That group offers options to avert budgetary calamity, such as raising taxes on the wealthy. Politically, a non-starter. Social Security will be on the ropes by 2033, Medicare will teeter or fall in 2036. Predictably, our elected “leaders” will just “kick the debt can down the road” for our children’s children to face.

As I read Wilson’s work, I recalled that our debt increased $7.7 billion under President Trump and $6.2 billion under President Biden. Neither candidate has said, typed or tweeted anything meaningful about our debt. Why on Earth would they? Wilson’s figures, while scarily accurate, exceed the grasp of the average voter.

Wilson’s right. Inflation will continue to rise. Confidence in the U.S. dollar will erode, our southern border will implode, and Taiwan faces real threats from the People’s Republic of China.

Our elected leaders will not have the courage to act on our debt crisis, and the next administration will begin tearing apart the fabric of the safety net of the Great Society of my youth.

Eric Steiner

Freeland

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Opinion

toon
Editorial cartoons for Thursday, June 20

A sketchy look at the news of the day.… Continue reading

EMBARGO: No electronic distribution, Web posting or street sales before WEDNESDAY 3:01 A.M. ET, Feb. 28, 2024. No exceptions for any reasons. EMBARGO set by source. FILE — An AR-15 style firearm at Clark Brothers Gun Shop in Warrenton, Va., Feb. 25, 2018. The Supreme Court will soon hear arguments about a bump stock ban, a Trump administration rule put in place after the Las Vegas massacre. (Erin Schaff/The New York Times)
Editorial: U.S. Supreme Court ‘ducks’ reason on bump stocks

The majority defies common sense and ignores potential violence to rule against a regulatory agency.

Burke: Ask your doctor if dancing drug ads are right for you

Shouldn’t drug companies be spending more money on research — and cheaper drugs — than advertising?

Tufekci: Boeing titanium problem shows risks of outsourcing

Boeing’s sale of what became Spirit Aerosystems has meant less oversight of its material and labor.

Stephens: Capitalism has gone off rails, replaced by populism

The increase in interest rates has hit the middle class, especially those with credit card debt, hardest.

Friedman: U.S. should stop aiding Israel’s failures in Gaza

If the current Israeli government remains in power it will find itself in a regional and more devastating war.

Blow: Juneteenth marked end to slavery; freedom’s taken longer

For most ‘freed’ slaves, emancipation came with strings that tied them to their work and former masters.

Krugman: Trading income tax for tariffs Trump’s terrible idea

But what’s worse is Republicans’ toadying support that defends it with a laughable conspiracy theory.

Justice should have removed controversial flags

U.S. Supreme Court Justice Samuel Alito, as one of the most powerful,… Continue reading

Trump supporters should broaden sources beyond Fox News

After reading the recent letter listing reasons for voting for Trump, I… Continue reading

Kristof: Why West Coast liberals can’t get out of their own way

Politics is part theater, but out West too often we settle for being performative rather than substantive.

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.