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National debt crosses major new milestone

Published in Blog on September 06, 2023 by Jakob Fay

According to the Committee for a Responsible Federal Budget (CRFB), the U.S. government may soon be forced to spend more annually on federal debt interest than defense or entitlement spending.

Due to negligent deficit borrowing, the federal government is currently $32 trillion in debt. Just the News reports that “interest payments in mid-2022 stood at just under $600 billion” and now threaten to surpass other hefty expenditures, including the national defense budget (“12 percent of all federal spending and nearly half of discretionary spending”) and Medicaid, SNAP, and Supplemental Security Income payments combined.

For reference, the U.S. currently allocates more for defense spending than China, Russia, India, Saudi Arabia, the United Kingdom, Germany, France, South Korea, Japan, and Ukraine combined. In 2022, the federal government spent $591.9 billion on Medicaid, $119.4 billion on SNAP, and $58.8 billion on Supplemental Security Income. Yet interest payments are expected to exceed those expenses, even as Congress makes no effort to curb its prodigious budget.

“The federal deficit is projected to roughly double this year, as bigger interest payments and lower tax receipts widen the nation’s spending imbalance despite robust overall economic growth,” The Washington Post reported.

“The deficit will basically double from 2022 to 2023,” confirmed Marc Goldwein, senior vice president of CRFB. “This should prompt a serious evaluation of federal policy going forward, though I worry it won’t.”

Economists have been baffled by the current jump in the deficit, with former economic advisor to the Obama administration, Jason Furman, calling the increase “truly stunning.”

“The fact that it is so big in one year makes you think it must be some weird freakish thing going on,” Furman said.

Boiling under the surface of an ostensibly robust economy is a serious and impending financial crisis all but ignored by Washington. As Marc Goldwin argued, it seems unlikely these reports will prompt anyone in D.C. to do anything about it—if we want to make a change—and indeed we must—it will have to come from outside the federal government.

Washington will never willingly give up its power. The only way to take it from them is with an Article V convention, through which the American people can impose fiscal restraints and other restrictions on Congress and the federal bureaucracy. To learn more, visit today and sign the petition urging your state legislator to support this constitutional solution to government spending below.

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Almost everyone knows that our federal government is on a dangerous course. The unsustainable debt combined with crushing regulations on states and businesses is a recipe for disaster.

What is less known is that the Founders gave state legislatures the power to act as a final check on abuses of power by Washington, DC. Article V of the U.S. Constitution authorizes the state legislatures to call a convention to proposing needed amendments to the Constitution. This process does not require the consent of the federal government in Washington DC.

I support Convention of States; a national movement to call a convention under Article V of the United States Constitution, restricted to proposing amendments that will impose fiscal restraints on the federal government, limit its power and jurisdiction, and impose term limits on its officials and members of Congress.

I want our state to be one of the necessary 34 states to pass a resolution calling for this kind of an Article V convention. You can find a copy of the model resolution and the Article V Pocket Guide (which explains the process and answers many questions) here:

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