Bipartisan neglect of the debt would be excusable if the underlying problem were somehow solving itself, but the opposite is true. The nation’s debt as a share of economic output is on track to surpass its record in the wake of World War II by 2027 and skyrocket from there. Interest payments on U.S. borrowing alone are on course to hit $12 trillion over the next decade. Net interest is the fastest growing category of federal spending. For the first time ever, interest costs will exceed defense spending this fiscal year.
The…
