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Add Another Trillion

debt ceiling_foxIn the midst of the hullabaloo last week over the deal in Washington to end the shutdown of the U.S. government, a little fact missed the attention of most reporters and media outlets.  The public debt of the United States is now in excess of $17 trillion.

Technically, the debt ceiling was reached in May and has been stuck at the same level for months.  As a result of the continued receipt of federal taxes and other “extraordinary measures” employed by the U.S. Treasury, the nation was able to stave off default until the debt ceiling was raised again.  When the debt deal was struck, the official debt of the U.S. increased $329 billion in a day.  As a result, the official tally of the debt increased from $16.747 trillion to $17.076 trillion.

Stop and think about that for a moment.  While many politicians are touting their accomplishments of deficit reduction and fiscal restraint, the U.S. still overspent by $329 billion in less than 5 months.  While it’s an improvement over the recent annual deficits in excess of $1 trillion, the deficit is still projected to be $700-800 billion this year.

While I don’t necessarily agree with their tactics or timing, I do commend those who attempted to draw attention to the continuous deficit spending and rising national debt.  Shutting down the government was a drastic step, and in the end, it probably did little to change the current policies or debate.  However, it seems painfully obvious that something drastic needs to happen for our national leaders to get in touch with the reality that it’s impossible to borrow trillions of dollars forever.

It wasn’t very many years ago when adding another $1 trillion to the national debt would have been headline news.  Sadly, we keep breaking the next trillion-dollar mark so quickly, it barely garners anyone’s attention.  Of the $17 trillion we owe, nearly 40% of it has been borrowed within the past five years.

If you share the belief of many politicians, pundits and economists that the continual rise of the debt is not an immediate concern, then you probably won’t pay much attention as the debt continues to increase another $1 trillion in a few months.

If you think the perpetual rise of our debt poses a threat to our long-term security and prosperity, you’re probably frustrated that we reached another trillion-dollar milestone and will probably break the $20 trillion mark in the next couple of years.  It can be disconcerting to see the lack of concern over this issue, but don’t give up.  Now more than ever, you need to speak up and press for change.  It may not happen quickly or easily, but if you don’t speak out, who will?

Breaking the $17 trillion mark may have gotten lost in the noise of the deal to end the shutdown and avoiding possible default by the U.S. government.  Whether the lack of coverage was accidental or intentional, this is equally important.  The shutdown and debt ceiling were an immediate crisis, but the continuous overspending and borrowing by our government is slowing creating a future calamity, which will make the last predicament seem like a nonevent.

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