What happened
The United States national debt has reached $40 trillion, highlighting the lack of fiscal restraint from both political parties. This milestone exposes the commitment to deficit spending and the refusal to change course. The debt has been increasing rapidly, with President Donald Trump adding more to the national debt in under six years than former President Barack Obama did in eight.
The trajectory of federal borrowing is concerning, with projections indicating it will hit $48 trillion by the end of Trump's term. The debt is not just an abstract issue, but an active tax on the present, with interest rates no longer at zero, leading to a significant increase in net interest payments on the debt. This debt service trap creates a vicious economic cycle, crowding out private capital and driving inflation or fiscal insolvency.
The conservative movement has undergone a shift, with the ascendance of national conservatism, which has purged fiscal restraint from the movement. This has led to the embrace of economic illiteracy, with some arguing that broad import tariffs can raise enough revenue to pay off the national debt, despite this claim failing basic math. The reaction to criticism of this thinking has been hostile, with some accusing classical liberals and free-market economists of not caring about important issues.
