As the U.S. national debt continues to climb at an historic rate, it is now reaching almost unfathomable levels. A new analysis of federal fiscal data that looks at all government debts, liabilities and unfunded obligations into the future puts the total fiscal burden of the U.S. at about $142 trillion. That equals 93% of the amount of all accumulated wealth in our nation's history---estimated to be $152 trillion.
That $142 trillion fiscal burden translates to about $430,000 for every person living in the U.S., and about one million dollars for every U.S. household. Maya MacGuineas, president of the non-partisan Committee for a Responsible Federal Budget, tells Fox Business that our leaders have tried to tiptoe around this problem for years. "The fiscal situation that whoever becomes president will be facing is really dire...there are warning lights that we have to pay attention to right now," she says. "When you are spending more on interest payments than you are on national security---which is where we are today---you know you're in trouble, and we are in trouble."
Former President Donald Trump has pledged to maintain tax cuts and increase energy production to expand economic growth, as well as bring in new revenues with tariffs on countries like China. Vice President Kamala Harris has not outlined any economic agenda since entering the race weeks ago, although in the past she has supported massive government spending proposals like the Green New Deal and Medicare-for-all.
McGuineas argues that this should be the central issue in the presidential election. "Unless a president creates a mandate for the importance of this issue, and tells the truth to voters that we're going to have to make some hard choices, it becomes very difficult to address those things when they are president," she says. "The next president cannot escape this issue."
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