The Staggering Growth of Our National Debt
Our national debt stands at an astonishing $19.5 trillion, an increase of $9 trillion since President Obama took office. This reckless growth represents not just a threat to our prosperity, but also to our national security. Out-of-control spending on entitlements is the most important reason for the national debt’s staggering growth. The annual cost of entitlements is now $2.3 trillion per year, which amounts to 60 cents out of every dollar spent by the federal government.
Evan McMullin believes that the only way to preserve Social Security and Medicare is to enact reforms that make these essential programs more efficient while fighting pervasive fraud and abuse.
Neither Hillary Clinton nor Donald Trump is prepared to admit that entitlements are driving us toward national bankruptcy, nor does either one have the courage to propose necessary reforms. “It's my absolute intention to leave Social Security the way it is,” Trump said in March. Hillary Clinton actually wants to spend even more on Social Security, and she has promised to defend Obamacare, the nation’s newest trillion-dollar entitlement.
While preserving Medicare and Social Security is an important objective in its own right, entitlement reform is also necessary to ensure that the federal government can afford other priorities, including scientific research, infrastructure repair, and national defense. An important side effect of uncontrollable spending on entitlements is the lack of funding for every other government program. Fifty years ago, entitlements consumed 26 percent of federal spending; today, they consume 60 percent. Over that same period, defense spending has fallen from 43 to 15 percent of the federal budget.
The strength of our nation depends at least as much on a robust economy as it does on our armed forces, however. Without funding for scientific research and infrastructure repairs, the economy suffers. Furthermore, a sharp increase in our debt raises the likelihood of an economic meltdown as bad or worse than the one we endured in 2008. Under President Obama, our debt has risen from 39 to 77 percent of our country’s annual income, which economists call Gross Domestic Product, or GDP. This percentage will keep on growing until we elect a president who understands the simple truth that you can’t keep spending money you never had.