America’s Coming National Debt Crisis

“The country got super rich and still managed to blow all its cash. That’s right America. We’re Nicolas Cage!”

That unique take on the growing problem of the U.S. government’s debt is contained in a YouTube video produced by Kite & Key Media. It’s entertaining. It’s educational. Enjoy!

Here’s how Kite & Key Media spell out the message of the video:

America is trillions of dollars in debt. And the problem is projected to get much worse. So, what are the consequences when the bill comes due? As of 2021, the federal government was in the hole by $23 trillion dollars. If all that government debt got called in tomorrow, every household in America would get a bill for more than $175,000. So, why do we have so much debt? The biggest culprits are benefit programs like Social Security and Medicare. In recent years, the amount of money the federal government has taken in through taxes has been eaten up entirely by mandatory spending on these kinds of programs. Every other thing the government does – from NASA to the Pentagon to scientific research—went right on the credit card. What are the consequences if we keep doing this? Well, it could play out a lot of ways ... but none of them are good: higher taxes, painful spending cuts, more inflation. No one’s enthusiastic about this future, but here’s the key: If we make tough decisions now, we can spare ourselves even worse pain later.

Keep in mind the video was produced before President Biden announced his student loan cancellation scheme. All the scary numbers that were presented in the video have all gotten scarier in the two months since it was made.

Craig Eyermann is a Research Fellow at the Independent Institute.
Beacon Posts by Craig Eyermann | Full Biography and Publications
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