The Government Just Imposed Over $200 K in Debt on You. Make It Stop.

"Pay us $211,766.29, or just pay the interest on it for the rest of your life if you'd rather do that."

North Carolinians know the stress of being stuck in debt, with certain types of household debt running above the national averages, according to the Urban Institute (https://urban.org/). Despite high levels of household debt, each household's share of the national debt is even more -- according to data from the department of Treasury website: https://fiscaldata.treasury.gov.

Again, from the Urban Institute: "Credit can be a lifeline during emergencies and a bridge to education and homeownership. But debt, which can stem from credit or unpaid bills, often burdens families’ and communities’ financial well-being." These same words could apply to federal debt, though the amount of federal debt is an order of magnitude greater than the amount of household debt, excluding mortgage debt.

The most obvious harm caused by the large federal debt is from the interest payments, which according to https://fiscaldata.treasury.gov are now 14% of federal spending. Only Social Security spending is higher. High interest payments displace spending on social welfare, national defense, and other urgent priorities of government.

Another harm of persistent deficit spending is born by future generations who are obligated to pay it back despite much of the benefit going to recipients today. Just as interest payments displace beneficial spending today, the repayment obligations of debt can displace future spending on essential programs.

Democrats and Republicans, and their voters, are all complicit in this mess. When will any of them wake up?

The Department of the Treasury has laid out the shocking truth on its fiscal data website: https://fiscaldata.treasury.gov.

Nowhere on the website does it say, "debt crisis," but these words are used by many others, including the centrist think tank the Brookings Institution. In a recent article by Wendy Edelberg, Ben Harris, and Louise Sheiner they state: "... Analysts warn, however, that our nation’s growing debt will inevitably lead to a crisis."