How Concerning is the United States' $33 Trillion National Debt?
Summary from AllSides News Team
The United States national debt surpassed $33 trillion for the first time ever on Monday. How concerned should Americans be over the country’s financial situation?
“Biden’s Soaring Deficit”: The Wall Street Journal Editorial Board (Lean Right bias) deemed President Biden the “$2 trillion deficit man” while stating that the federal deficit this fiscal year is estimated to be “$1.7 trillion, or about $13,500 for every U.S. household.” The board highlighted the amount of money spent servicing these debts, writing, “A third of the current deficit is going to pay interest on money borrowed for previous spending blowouts.” The board expects deeper deficits ahead, writing, “Keep in mind that Mr. Biden’s soaring deficit comes despite a growing economy, and that spending on his Inflation Reduction Act and infrastructure law will accelerate in coming years.”
“Increasingly Unsustainable”: The New York Times Editorial Board (Left bias) argued that while accruing debt is “sometimes prudent” to address national crises, the current level of borrowing is “increasingly unsustainable.” In the wake of rising interest rates on debt, the board argued, “It is imperative for the nation’s leaders to chart a new course.” The board pushed for bipartisan compromise to seek solutions, writing, “Republicans must accept the necessity of collecting what the government is owed and of imposing taxes on the wealthy. Democrats must recognize that changes to Social Security and Medicare, the major drivers of expected federal spending growth, should be on the table.”
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