Time to fix our debt and the deficit
by Spencer Wrightsman, Sioux Falls
The 2024 election season has come to an end, and we finally have a clear picture of the political landscape of the next two years. The Republican party was handed full control, albeit by a narrow margin, and South Dakota is in a seat of influence thanks to the nomination of Gov. Noem to the president’s cabinet and the appointment of Sen. Thune as Senate majority leader.
There is a long list of priorities in both the White House and the legislature, but what we need to be focused on is the status of our national debt and spending habits. This is a topic we heard discussed on the campaign trail, and a priority of President Trump – apparent by his creation of the Department of Government Efficiency which aims to cut $2 trillion out of our national spending. However, the approval of the budget and debt reduction falls squarely in the lap of Congress.
It is my hope that our legislators – Rep. Johnson and Senators Thune and Rounds – work to ensure the budget is squarely centered on the list of priorities. The longevity of this country and the day-to-day security of their constituents is reliant on it.
As it stands, the U.S. national debt has surpassed $35 trillion, with $18 trillion of that being added on in the past 15 years. While we did experience the 2008 financial crisis and the COVID-19 pandemic during these times, $11 trillion of this borrowing was utilized for policies unrelated to those crises.
We stand at an impasse of fiscal action. If our elected officials don’t prioritize this crisis during this legislative cycle, get spending under control, and begin chipping away at the debt, then it is likely we will see the size of the debt eclipse the size of our annual economic output, which is nearly unheard of in the history of the country. In fact, debt held by the public is soon expected to exceed our country’s previous record of 106% of GDP which we reached immediately after WWII.
Today, our country’s payments on the debt are the third-largest line item in our budget, and the fastest-growing expenditure. The payments alone cost us $892 billion, singularly consuming more than 3% of our nation’s entire economic output. Every dollar we divert towards paying off the interest is a dollar not used in investing in children’s future. This year, these payments will cost more national defense, Medicare, or programs for children.
However, we are in a position to fix this problem before the crisis becomes too large to reverse – and South Dakotans are in a seat of influence for ensuring success. The national debt is a bipartisan issue which requires bipartisan solutions and collaboration. As citizens and voters, we must show support for those who are brave enough to stand up, cross the aisle and finally come to grips with the crisis and put us on a stringer, more sustainable fiscal path. Anything less will eventually lead to ruin.
stay in your lane, unless you’re running for dusty’s seat of course.
Hey…have you come up with anything yet to explain how President Trump cheated to beat kackles?
Yeah, no. There is one group of people that screams fraud every time they lose an election, and I dont think enquirer is part of it.
Stop the steal, stop the steal! We are very smart people! Or not.
He actually has stated Trump couldn’t win a fair election…several times.
He hasn’t said the election was stolen after the fact, has he? There’s a difference between: “No way this guy wins” said ahead of time versus “There is no way the other guy won, this election was stolen.” I suspect you know this, but still want to make dumb comparisons. Go off, I guess.
He posted his statements weren’t wrong.
Nice try, but that’s not what was said. His comment was TRUMP CAN’T WIN A FAIR ELECTION. Big difference. Well Trump won, now please explain what was unfair.
It does no good to talk or write about the debt unless you can put forth a DETAILED plan of reductions in spending and increases in revenue.
The same applies for SD property taxes. Present plan is only a shift in taxes.
The out of control government spending and debt has been and continues to be a bipartisan project. Dusty, Thune,and Rounds have been part of this bipartisan group. They voted for or enabled the CR bills, the omnibus bills, and the debt ceiling raising in the last 4 years. The republicans had the power to stop these spending measures but instead supported them. The government has to go back to passing a reasonable budget and debate limits on spending..
Trump did nothing but add to the deficit his first term. dusty can find less than 10 billion that he would cut. Thune and Rounds have always been stalwarts when it comes to Defense spending. Democrats want to save all the infrastructure projects possible. At all costs, we must save Ellsworth. I’d be satisfied if they “held harmless” the appropriations and let the rest of the economy catch up. As long as GNP keeps pace ……which we’ve heard for the last 50 years…we’re supposed to be OK. In the meantime, buy US Savings Bonds.
Trump[ did nothing but?? Trump brought froth the greatest American economy ever.
1. Based on what metric?
2. He also contributed massively to American debt, to the tune of over 7.5 TRILLION dollars.
And as of July 2024, stumbles added 7 trillion. At the same time period during Trump’s administration he added 6.3 trillion (prior to COVID).
That didn’t answer my question at all. You didn’t even pretend to try to address it.
terry puts it well.
Surely, banning everything that annoys the MAGA crowd won’t contribute to this deficit, right? It is just Social Security that needs to get cut, the corporate welfare must stay for the stock market to keep growing while GDP falls!
OK larry or fry cook or which ever one you are. Lay off the gummies.
Trump brought froth the greatest American economy ever.? Based on the American people ability to afford Homes, groceries, gas, electricity, save money! Gains in Biden economy was to the top 5% or so.