Guest Column: Time to fix our debt and the deficit by Spencer Wrightsman, Sioux Falls
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.






