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
Rising Interest Costs on the National Debt Are Crowding Out America’s Future
Growing interest costs on the national debt matter because of their effect both inside the federal budget as well as on the overall economy.
How Does the Capital Gains Tax Work, and What Are Some Proposed Reforms?
While the capital gains tax affects anyone selling a capital asset, higher-income individuals are typically subject to the tax more so than average Americans.
What Are the Consequences of a High and Rising National Debt?
The high and rising national debt harms the economy, makes life less affordable, and jeopardizes the economic prosperity of Americans.