The article highlights the alarming growth of the US national debt, emphasizing that it is increasing by millions of dollars every minute. This growth far surpasses the increase in federal revenue, creating a major fiscal imbalance.
The author traces this imbalance to the expansion of federal social welfare programs starting in the mid-20th century, significantly increasing the financial interaction between the government and individual citizens.
The Congressional Budget Office's (CBO) long-term projections paint a grim picture, predicting the national debt will reach 156% of GDP by 2055, far exceeding the post-WWII level. This projection doesn't even factor in the economic slowdown expected from President Trump's tariffs.
The article criticizes the variability of President Trump's economic policies, citing instances of impulsive policy proposals. It particularly examines Trump's suggestion to eliminate taxes for those earning under $150,000 annually, which the author argues is unrealistic and fiscally irresponsible. This move would severely impact tax revenue.
The author concludes by highlighting the escalating national debt and its unsustainable trajectory. The debt has risen from $20 trillion at the start of Trump's presidency to over $36 trillion, and the projections suggest a continuing upward trend.