In an opinion piece for The Wall Street Journal, the writer warns of an impending national debt crisis in the United States. The article argues that the current level of government debt is unsustainable and could have disastrous consequences for the country’s economy in the near future.
The writer points to the fact that the U.S. national debt has reached record levels, surpassing $28 trillion as of July 2021. This massive debt burden is largely due to increased government spending during the Covid-19 pandemic, along with long-standing structural issues such as entitlement programs and interest payments on past borrowing.
The article predicts that this growing debt will eventually lead to a crisis, as the government struggles to pay back its creditors and interest rates rise. The writer argues that this could result in a financial meltdown, a sharp decline in the value of the dollar, and a loss of confidence in the U.S. economy.
The writer also criticizes politicians for their failure to address the issue, instead choosing to ignore the problem or pass the burden onto future generations. The article warns that without significant reforms to reduce spending and increase revenue, the U.S. could be facing a severe economic crisis in the coming years.
Overall, the writer makes a compelling case for the urgency of addressing the national debt crisis in the United States. They argue that failure to do so could have serious implications for the country’s financial stability and future prosperity.
Photo credit
news.google.com
