A Dreadful New Milestone

A Dreadful New Milestone

Late last week, the United States national debt hit $16 trillion, the Wall Street Journal reports.  That’s more than our current gross domestic product.  Our national debt is now larger than our entire economy.  This latest milestone was officially reached Friday.

Given the current rate of spending, the government is likely to hit another debt ceiling sometime late this December.  But once we hit the debt ceiling, we’ll have to stop borrowing money we don’t have and instead make some tough choices.

Or we could just kick the can down the road and raise the debt ceiling again.  The solution is clear: cut spending now, not later.

For more, visit the Wall Street Journal.

No comments yet.

Leave a Reply