Congratulations! You owe $86,037!

SummersTimes: Public Policy Analysis from Scott Summers

Well – you don’t really owe it personally.

That’s the the national debt if it were to be apportioned to each citizen.

Have a look at this national debt clock. We’re pushing $29 trillion: https://www.pgpf.org/national-debt-clock

And there’s seemingly no way but up.

The American Rescue Plan Act now is law, with a price tag of about $1.9 trillion. The INVEST in America Act (the infrastructure bill passed by the Senate but not yet by the House) is for about $715 billion.

Add the recently passed $3.5 trillion budget reconciliation framework. We’re talking big money. BIG money.

Why does the national debt even matter?

The Peter G. Peterson Foundation explains it this way:

What makes America strong is our willingness to build and leave a better future for the next generation. Unfortunately, our growing debt is doing the opposite.

America faces many challenges including rising inequality, unaffordable healthcare, a changing climate, failing education, crumbling infrastructure, and unpredictable security threats. To address these challenges we will need significant resources. Every dollar that goes toward interest payments means less resources available to build a stronger, more resilient future.

Being irresponsible with our budget is simply not fair to our kids and grandkids, who will inherit this debt.

https://www.pgpf.org/national-debt-clock#why-does-it-matter

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