America’s $29 Trillion Crisis: The National Debt and What Comes Next

America’s $29 Trillion Crisis: The National Debt and What Comes Next By Dale Jodoin Do not be mad at the writer—these are real facts that you can look up. It is just a shame that the world media is ignoring this. If America falls, the world falls, because everybody wants to spend America’s money. The United States is facing a financial crisis that few people are talking about, but it affects every single American—and the entire world. The national debt has skyrocketed to over $29 trillion, and unless something changes, it could lead to serious consequences for the country’s future. The U.S. government has been spending more money than it takes in, running massive deficits year after year. If this trend continues, the nation risks financial instability, higher taxes, and a weaker economy. This crisis didn’t appear overnight—it has been building for decades. However, the situation has worsened under poor economic leadership, with reckless spending and policies that have failed to curb inflation or boost economic growth. Now, the United States must make tough choices: cut government spending, raise tariffs, or find new sources of revenue. The decisions made today will determine whether the country remains a global economic powerhouse or slides into deeper financial trouble. The U.S. national debt is like a giant credit card bill that keeps growing. Every year, the government spends more than it collects in taxes, borrowing money to cover the difference. This is known as the federal deficit. In 2024, the budget deficit reached $1.8 trillion—one of the highest ever recorded outside of wartime or crisis periods. The national debt is now equal to about 99% of the country’s Gross Domestic Product (GDP), meaning the U.S. owes as much as its entire economy produces in a year. If this pattern continues, the debt could reach $52 trillion within the next decade. The government has been borrowing money from investors, including foreign countries like China and Japan, to fund spending on social programs, military expenses, healthcare, and interest on the debt itself. While some government spending is necessary, the failure to balance the budget has created a dangerous cycle. Instead of paying down the debt when the economy is strong, leaders have continued to borrow even in good times, making the problem worse. In recent years, economic mismanagement has made life harder for everyday Americans. High inflation, reckless spending, and poor policies have driven up the cost of living while weakening the dollar. 1. Inflation and Rising Costs Inflation has eroded the value of Americans’ paychecks. Food, housing, and energy prices have all surged. Instead of making responsible cuts to unnecessary spending, the government has printed more money, fueling inflation even further. 2. High Interest Rates To combat inflation, the Federal Reserve has raised interest rates, making it more expensive for people to buy homes, start businesses, or pay off debt. While higher interest rates help slow down inflation, they also make borrowing more difficult for both consumers and the government. 3. Weak Job Growth and Business Closures Small businesses have struggled under high costs, and major industries have suffered under new regulations and taxes that have hurt growth. Instead of encouraging business expansion, weak economic leadership has stifled innovation and investment. The United States has options to fix the national debt crisis, but they require strong leadership and difficult decisions. Here’s what must happen: 1. Cut Government Spending. The government must reduce unnecessary expenses and find ways to operate more efficiently. This doesn’t mean cutting vital programs, but eliminating waste, fraud, and excessive bureaucracy. Examples include: Reforming entitlement programs to ensure Social Security and Medicare remain sustainable. Reducing government agencies that duplicate efforts and waste taxpayer money. Stopping reckless spending on programs that don’t provide economic benefits. 2. Raise Tariffs to Protect American Industry. One way to boost revenue without excessive taxation is by raising tariffs on foreign goods, especially from countries that take advantage of the U.S. economy. By imposing higher tariffs on cheap imports, America can: Encourage domestic manufacturing, creating more American jobs. Reduce the trade deficit, which has been draining U.S. resources. Generate billions in revenue to help pay off the debt. 3. Grow the Economy Through Pro-Business Policies. Instead of overregulating industries, the U.S. should focus on making it easier for businesses to grow and create jobs. Policies that can help include: Reducing red tape and regulations that prevent small businesses from succeeding. Encouraging energy independence so the U.S. doesn’t have to rely on foreign oil. 4. Balance the Budget Setting strict spending limits. Passing a Balanced Budget Amendment to prevent reckless deficits. Ensuring every dollar spent is accounted for and justified. 5. Reform the Federal Reserve’s Role. The Federal Reserve has played a major role in fueling inflation and economic instability by printing too much money and keeping interest rates too low for too long. The government must: Ensure the Fed prioritizes stable economic growth over political interests. End policies that artificially inflate the economy without real value creation. If the U.S. government fails to act, the consequences will be severe: Even Higher Inflation – Prices will continue to rise, making it harder for people to afford basic necessities. More National Debt – The interest payments on the debt alone will grow, forcing the government to borrow even more. Economic Collapse Risks – If confidence in the U.S. dollar declines, the economy could face a major crisis, leading to job losses and financial instability. Tax Hikes on Everyday Americans – To cover growing costs, the government may be forced to raise taxes on workers and businesses. Global Weakness – If the U.S. can’t manage its economy, other nations (like China) may take advantage of the situation, weakening America’s global influence. The United States is the world’s largest economy and financial powerhouse. The U.S. dollar is the world’s reserve currency, meaning that most countries rely on it for trade and economic stability. If the U.S. economy collapses, global markets will crash. If the dollar weakens, currencies around the world will lose value. If the U.S. can’t pay its debts, other countries will suffer financially. This is why America’s financial crisis is not just a domestic issue—it’s a global emergency. Everyone wants to spend America’s money, but if the U.S. government doesn’t act now, there won’t be any left to spend. The national debt crisis is not just a problem for politicians—it affects every American. If leaders don’t take responsibility, the burden will fall on future generations. It’s time for the U.S. to cut wasteful spending, protect its industries, and focus on sustainable economic growth. The country has faced financial challenges before and emerged stronger, but only when decisive action was taken. If the right steps are not taken today, the United States—and the entire world—risks losing its economic power, its financial stability, and its future prosperity. The time to act is now. Again, do not be mad at the writer—these are real facts that you can look up. It is just a shame that the world media is ignoring this. If America falls, the world falls, because everybody wants to spend America’s money.