In today’s hyper-politicized climate, Congress has basically become a forum for petty partisan fights that dominate headlines, generate clicks, and go viral on Twitter. Unsurprisingly, this means Democrats and Republicans don’t agree on much, but if there’s one thing both parties support, it’s spending more of our money. And with a two-year budget deal passing the Senate on Thursday, they’ve done just that once again.
The national debt has exceeded $22.5 trillion and shows no signs of slowing down. To put that number in perspective, one trillion seconds is 31,709 years, and 22 trillion pennies stacked on top of each other would stretch well past the moon. This debt figure is even more incredible given that, just 20 years ago, a Democratic president and Republican Congress were able to balance the budget four years in a row.
The biggest drivers of the debt, Medicare, Medicaid, and Social Security, accounted for the majority of our mandatory spending in fiscal year 2018, and that mandatory spending takes up 62% of the budget. As more baby boomers retire, this number is only likely to increase.
This will eventually have grave consequences: The national debt currently amounts to 78% of gross domestic product and is set to reach nearly 100% by 2028. That’s right: We’ll soon owe almost as much money as our nation produces in economic output each year.
The trustees of federal entitlements also estimate that Medicare will be insolvent by 2026 and, by 2035, Social Security will reach insolvency as well.
From 2016 to 2018, Republicans controlled both houses of Congress and the White House, yet they outpaced former President Barack Obama on spending. The GOP passed a $1 trillion tax cut, which represented sound economic policy but ought to have been matched with spending cuts.
Instead, Republicans have pushed through bloated budgets, and we are set to run a deficit of over $1 trillion in 2019.
And now, President Trump has announced that the White House and congressional leaders have reached a two-year budget deal. The plan raises spending by $320 billion over two years, offsets only a fraction of those costs, and lifts the debt ceiling until 2021. This atrocious deal passing both houses of Congress shows once again that both parties have no regard for the fiscal health of our nation.
Why does this matter?
Well, I’m 22 years old. By the time I’m 38, almost three decades before I’m even eligible for benefits, Social Security will be broke. Right now, my paycheck is going toward benefits I am likely to never receive as long as the status quo continues. And as the national debt grows, the government will have no choice but to either cut the benefits we’re currently paying into or shoulder an even greater tax burden on us and our children.
The mounting national debt is a bubble waiting to burst for my generation. What will this incredible country look like in 20 years when the bills are due and we’re out of money because Washington could never make the right decisions our finances?
It’s actually not that difficult to imagine.
Puerto Rico has been embroiled in a fiscal crisis since the state’s government first began accumulating debt in the 1970s. It decided to issue bonds instead of restructuring its finances and, when that bubble burst, exhausted its savings to try and reverse the damage. Corruption and ineptitude have come to define governance on the island, and this should offer a stark warning of how an economy can crumble under the weight of inordinate debt.
As long lawmakers sitting in Washington continue to abdicate their fiscal responsibilities and borrow from future generations, America will not be able to sustain itself as a country. And as our leaders continue to fail and balance the budget, it is time for my generation to accept reality: Congress is mortgaging our future away.
Gregory Price is a recent graduate of Sacred Heart University and a contributor to Lone Conservative.
