As Americans celebrated Independence Day and reflected on the nation’s fiscal health, it is clear that we are facing an unprecedented financial challenge. Thomas Jefferson’s admonition that “it is incumbent on every generation to pay its debts as it goes” has never been more critical. Yet, it is being disregarded at our peril. The most alarming aspect of our federal budget isn’t the expenditure on critical sectors such as infrastructure, education, healthcare, or defense but rather the spiraling interest payments on the national debt.
These hidden costs have become a fiscal albatross, weighing down our economy and stifling growth and opportunity. The Congressional Budget Office (CBO) reports that the U.S. will spend $892 billion on interest payments this year, a staggering 153% increase since President Joe Biden took office. For the first time in history, these payments now exceed our defense spending, with only Social Security costing more.
The CBO’s projections indicate a chilling future, estimating $22 trillion in deficits over the next decade – a sum greater than all previous cumulative borrowing until the current administration. This means that 60 cents of every dollar borrowed will be used to pay interest. Simply put, if a family borrowed to pay interest on their debt, they’d soon find it impossible to fund education or homeownership. This grim reality looms over America, with the national debt projected to hit $35 trillion, adding $1 trillion every four months.
In stark contrast, states like Utah have demonstrated fiscal responsibility. Utah, recognized for the best state economy for 17 consecutive years by the American Legislative Exchange Council, exemplifies disciplined budgeting. These pro-growth policies lower prices and drive innovation, which are the principles that need to be brought to Washington.
To combat this fiscal indiscipline, Congressman Blake Moore highlights the need for Congress to educate the public about the economic and national security implications of this debt crisis. Through oversight hearings and roundtables, Budget Committee members, including Moore, are working with experts to detail the dangers of this level of borrowing. The Committee has tasked the CBO with analyzing the fiscal consequences of government policies, including the administration’s open-border policies. Locally, Moore has convened a Debt and Deficit Task Force in Utah to draft solutions modeled on Utah’s best practices.
Washington needs to address this “interest albatross”. Without decisive action, the next generation will inherit an economy plagued with debt and diminished opportunities. Building public support for meaningful change is vital. Congressman Moore and his colleagues are sounding the alarm on this unsustainable fiscal path, urging all involved to push for solutions.
As we rejoice in our freedoms this month, let us also dedicate ourselves to achieving fiscal independence. We must heed Jefferson’s warning and act to ensure that future generations are not burdened by our failures. By rallying public support and taking bold, responsible actions, we can safeguard the American dream for the future.
