The Wall Street Journal reminded us yesterday that the federal government now pays $1.5 billion in interest every day.
Soon interest payments alone will exceed what we spend on Medicaid. And not long after that our annual interest payments will exceed our defense budget.
This is my generation’s gift to yours, Vera. I’m sorry. I tried to do something about it, but few of my fellow Boomers cared about it. They didn’t mind putting your and your parents’ generations deeply into debt.
The sad part is it’s getting worse. President Trump (the self-proclaimed King of Debt) and the current Republican-controlled Congress dug the hole a whole lot deeper this past year and put policies in place to ensure the digging will continue indefinitely. So there doesn’t appear to be any hope we’ll turn things around anytime soon. Rather, we seem to be heading in the wrong direction at an accelerating speed.
I suppose it’s a lot like our policies that impact global warming. We seem intent on doing nothing about it and, instead, devoting our attention to rebuilding after the intense natural disasters and dealing belatedly with the adverse impacts on agriculture and other industries. We’ll simply turn on the air conditioning earlier and keep it on longer I suppose, deluding ourselves into thinking a potential catastrophe is merely an inconvenience.
The good news is, disasters have a way of not materializing. Things usually don’t go as bad as the worst case scenarios. I guess we’re banking on that to be the case with our mountain of debt and warming planet.
But if we’re wrong …