Why the $30 trillion national debt could soon blow up in our face

As soon as interest rates seriously rise, it may just blow up in our face. Maybe then America will start taking fiscal responsibility seriously again. But that’ll be too little, too late.https://t.co/BEdpSMvzLE

— Brad Polumbo 🇺🇸⚽️ 🏳️‍🌈 (@brad_polumbo) February 5, 2022

BASEDPolitics’ Brad Polumbo writes, “The national debt is back in the news after the federal government crossed a depressing threshold this week: $30 trillion in debt. This figure does rely on some weird logic, but the true debt is at least $23.4 trillion. So, it’s worth pointing out that if one small change happens, the growing national debt bomb could blow up in our face.

The debt always crowds out private sector investment and drags down economic growth. But right now, we aren’t feeling the pain of our mounting debt burden too much, because interest rates are at historic lows…

Some people think that today’s low interest rates mean it’s a great time for the federal government to borrow and spend massive amounts of money. But this is woefully misguided. The rates on the debt actually recalculate over time, so when interests rates go up in the future, all our past debt will soon become much more expensive and costly to manage.

American taxpayers are already spending $900 million every day just covering the interest payments on our existing debt.”

Read the entire column.