Letter: When are we going to start paying off the national debt?
When are we going to start paying off the U.S. debt?
Every year the Republicans are the most vocal against increasing the debt. This year they want to reform the tax code and add $1.4 trillion to the deficit over 10 years. This is on top of the yearly increase in the deficit, this year $666 billion.
The national debt is now over $20 trillion and the interest on the U.S. debt is $266 billion and growing each year. The first president to break the $1 trillion mark for the deficit was Ronald Reagan. He is also the first to add over a trillion more to the U.S. debt during his term, $1.8 trillion.
Looking back since 1968, the debt has increased every year except for at the middle of Bill Clinton’s presidency. Then the Republicans and President Clinton compromised and there was a surplus of $290 billion during the last year of his term.
We have a healthy economy with a low unemployment rate. The president and Congress should reform the tax code without an increase in the U.S. debt. Now is the time to balance the budget and if there is a surplus, pay off some of the debt.