AEI’s Jim Pethokoukis crunches the numbers. It’s not pretty.
President Obama doesn’t think Americans should fret about the exploding national debt. As he told talk show host David Letterman recently, “We don’t have to worry about it short term. Right now interest rates are low because people still consider the United States the safest and greatest country on Earth, rightfully so. But it is a problem long term and even medium term.”
So, in Obama’s view, dealing with the debt is more of a tomorrow thing than a today thing. Or maybe even a day-after-tomorrow thing.
But every day that the debt grows, the burden on Americans grows, too. Servicing that debt will need to be met by either increasing taxes or decreasing spending.