Federal spendthrifts drive up the US debt without a care

Someone forgot to tell Congress and the president that money doesn’t grow on trees. That could be one explanation for why the Democratic House and the Republican Senate and chief executive — who agree on little else — were able to find common ground recently on a twoyear federal budget that blithely spends about $1 trillion more this year alone than it expects to collect in taxes and other revenue.

It’s not farfetched to compare this lack of fiscal discipline to an addicted gambler maxing out the family credit cards.

And the spending spree has been underway for almost two decades — running up the tab for which taxpayers ultimately are holding the bag.

For all the attention and hand-wringing that student loan debt receives, the share of the growing national debt that could be attributed to every person in the United States is even worse.

Average student loan debt in 2018 was pegged at anywhere between $29,800 and $37,200 while the amount that the U.S. owes to private and foreign investors in 2018 amounts to about $48,300 for every man, woman and child in the country.

Put another way, the national debt in 2018 was $15.8 trillion while U.S. student loan debt that year totaled $1.5 trillion.

With the national debt projected to balloon by 2029 to $28.5 trillion, the per-person stake, based on today’s population, would climb to $87,100.

Having the power —literally — to print money is one thing that distinguishes the federal government from state and municipal authorities, who must balance their spending against available revenue.

As Jessica Wehrman reported recently, the lack of concern among

lawmakers and in the White House is in stark contrast to 1997, when a Republican Congress passed and Democratic President Bill Clinton signed an agreement to balance the federal budget through 2001.

That was an accomplishment of which former Ohio Gov. John Kasich, then a congressman from Ohio and chairman of the House Budget Committee, was rightfully proud. It is shameful that federal officials have strayed so far from that commitment these past 18 years.

Part of the problem is a lack of clear accountability. Neither elected officials nor taxpayers are required to cover the debt, but that’s not to say it is without impact. In fact, the U.S. is required to pay interest on the debt, and that tab will total $455 billion in 2020 — or about 6.5 times the state of Ohio’s operating budget. By 2029, the interest payment is projected to be $921 billion.

That’s money that could better be spent on improved government services or reduced federal taxes.

The private and foreign investors who hold the U.S. debt by buying Treasury bills and government notes are not all going to suddenly demand payment, but economic experts say carrying the national debt still contributes to slower economic growth and lower standards of living.

And at this point, the cure could be worse than the disease if spending cuts and higher federal taxes were prescribed to reduce the debt but produced side effects of higher unemployment and loss of government programs.

Republicans once were regarded as guardians of the Treasury who could be counted on to resist unrestrained government spending. Now, unfortunately, it appears no federal politician is willing to accept that responsibility.