George W. Little
With the election right around the corner, a lot of Americans are talking about the impacts the economy has had on their day-to-day lives. For several years, inflation has ravaged our economy, grocery prices have hit a high and homes are seemingly less and less affordable. However, one factor that I haven’t seen many Americans discuss is the impact of the national debt on their pocketbooks.
The national debt recently surpassed $35 trillion, a milestone that should concern each and every one of us. While it’s not a shock to hear the amount has continued to grow over the past few decades, what most Americans are unaware of is the staggering amount and the remarkable rate at which it is accumulating. Our lenders (including some rivals, like China) hold nearly $28 trillion in US Treasuries — a sum that is equivalent to 98% of our annual gross domestic product (GDP).
