Peterson Foundation Statement on National Debt Reaching $22 Trillion
Peterson Foundation Statement on National Debt Reaching $22 Trillion
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on our nation surpassing the $22 trillion mark in outstanding debt, as noted in this afternoon’s Daily Treasury Statement:
“The national debt has now eclipsed $22 trillion, as we added $1 trillion in debt over just the last 11 months. Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable, but accelerating.
“Our growing national debt matters because it threatens the economic future of every American. As we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future. We already pay an average of $1 billion every day in interest on the debt, and will spend a staggering $7 trillion in interest costs over the next decade.
“In order to build the strong and stable future that we want for America, we must put our fiscal house in order and begin to manage our national debt.”
Related: The National Debt is Now More than $22 Trillion. What Does That Mean?
Further Reading
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High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
How Does the United States’ Fiscal Position Compare to Other Countries’?
The United States is in a poor fiscal condition compared to the rest of the world, according to the OECD.
The United States Collects Less Tax Revenue Than Other G7 Countries
The U.S. collects less tax revenues compared with other G7 countries, and that lower level of revenues is a key driver of the national debt.