Federal government debt is rising rapidly. The government spent almost $1 trillion more than it raised in revenues in 2019, and the overspending gap widened to $3 trillion in 2020 and 2021. The excess spending was borrowed from domestic and foreign creditors, and it all represents costs pushed forward onto tomorrow’s taxpayers.

The United States is becoming one of the most indebted high‐income nations in the world. Including state and local debt, our government debt totals 141 percent of gross domestic product (GDP), which compares to an average of 100 percent of GDP for 32 high‐income countries.