“History does, in fact, offer sobering lessons on the consequences of unchecked government debt. Noted historian Niall Ferguson remarked in a recent Bloomberg column that his studies have led him to conclude that all great powers that spend more on debt service than on defense soon lose their great power. Whether it’s the British Empire or France’s Ancien Regime, excessive borrowing and spending lead to economic weakness, loss of global influence, and eventual downfall.
The U.S. is already crossing this ominous line. This year alone, interest payments on the national debt will reach $892 billion, which is larger than defense base funding. Annual interest payments will reach $1.71 trillion by 2034, widening the gap into an abyss.”
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” As we stand at this crossroads, will America heed the warnings of history and take decisive action to address its debt crisis? Hanging in the balance is the future of the nation’s economic strength and global leadership. If we citizens recognize the gravity of the situation and insist upon action, policymakers will have little choice but to work toward a sustainable fiscal future. The alternative—following the path of fallen empires—is a fate that a great nation like America must avoid at all costs.”