OPINION_ Reckless Debt Spending Amounts to Generational Theft

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OPINION

Reckless Debt Spending Amounts to Generational Theft

(Dreamstime)

By Larry Bell
Friday, 27 December 2024 01:01 PM EST
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The current $36 trillion and rapidly growing gross federal debt represents a moral failure that will divert critical resources away from crucial investments in our children’s, grandchildren’s and future generations’ educations, economic opportunities, and overall quality of life.

Included in this incomprehensively large national deficit is debt held by the public as well as debt held by federal trust funds and other government accounts. In very basic terms this can be thought of as debt that the government owes to others plus debt that it owes to itself.

Many economists regard debt held by the public (DHBP) as the most meaningfully quoted measurement which is typically expressed as a percentage of gross domestic product (GDP), a ratio that measures the economy’s capacity to support government borrowing over time.

U.S. DHBP reached $29 trillion in 2024 — 99% of GDP and $2 trillion more than 97% at the end of 2023. While slightly down from a 100% 74-year-high in 2020, this unsustainable trend is on track to reach 116% of GDP in 2034.

Although the COVID-19 pandemic rapidly ballooned federal debt, having reached 79% of GDP just prior to the pandemic, it has continued far out of control since the time that the health and business crisis ended.

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READ MORE: https://www.newsmax.com/larrybell/federal-debt-government-waste/2024/12/27/id/1193057/

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