There are milestones you celebrate: a kid’s first step, a round-numbered birthday, a marriage anniversary. And then, observes Veronique de Rugy, there are the milestones you dread: Reaching $22 trillion in national debt is one of them. We’re slated to reach that number next month, yet nobody seems to care.
The $22 trillion figure we’ll soon hit is the total of $16 trillion in public debt (what the government owes to domestic and foreign investors) and $5.8 trillion in intra-governmental debt (the money it owes to other government accounts like Social Security). No matter how you look at it, it’s by far the highest level of debt Uncle Sam has accumulated in peacetime. Under a best-case scenario, this sort of deficit-happy government can only lead to permanent low growth, a stifled entrepreneurial spirit, and high unemployment.
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