Economy

National Debt Hits $35 Trillion

By AAF | Aug 16, 2024

Back in 2008 when he was first running for President, Barack Obama criticized George Bush saying that increasing the debt 4 trillion dollars was “un-American.” At the time, the national debt was 9 trillion dollars and there was bipartisan concern about the rapidly expanding burden on the average taxpayer.

The era that followed saw a grassroots push to reign in debt spending, with trillions going to bank and corporate bailouts during the Obama years as the Tea Party movement rose. It seemed like, finally, there would be a real push to cut spending before it got out of control. But those hopes were squashed when Republicans continued to engage in the spending frenzy, and now over a decade later the country finds itself at a crossroads.

We now sit at $35 trillion in debt, 123% of the GDP. At current spending rates, the United States is mere months away from reaching the highest debt to GDP ratio in the history of the country, with no plans to address it.

Even worse, reliance on the printing press in the Biden years has tanked the value of the dollar, leading to inflation that upends the financial plans of many American families. Uncertainty has plagued the job market, and in recent weeks, the stock market has shown uncertainty and potential instability.

The only cure is to tighten the belt and cut government spending, but there seems to be very little appetite for it in D.C., where members of Congress would rather stick their heads in the sand than do their jobs.

But for the next generation there may be hope. American Action Fund’s Hazlitt Coalition members have proven time and time again they have the stomach to vote against bloated budgets and government spending. As our members advance to higher office, or inspire new generations of Representatives to stand on principles and fight for the future, we still have a chance to right the ship before it is too late.

There’s no better place to get introduced to our rising Hazlitt Members than our regular posts here at American Action Fund.

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