Let’s face it—when you hear “national debt,” your eyes probably glaze over. It sounds like something best left to economists and senators, not regular people just trying to get through the week. But here’s the thing: the $2 trillion that the government is projected to borrow this year? That does affect you, and not in some vague, far-off way.
Romina Boccia, a budget expert from the Cato Institute, explains it like this: Congress is really good at promising benefits—things like Social Security, Medicare, and Medicaid—because they’re popular. But asking people to pay more in taxes for those benefits? Not so much. So instead, the government borrows money to keep everything running.
A lot of this borrowing isn’t even tied to flashy new programs or crisis spending. It’s baked right into the system. Entitlement programs—those ones for healthcare and retirement—run on autopilot. No big debates or votes needed. They just keep growing as more people qualify and costs go up. That’s where most of our budget problems are coming from.
So how does this hit home for you?
Boccia says the rising national debt is already slowing down the economy. That means wages grow more slowly, and jobs and promotions may not come around as often. If you’re thinking about buying a house, going back to school, or starting a business, you’ll likely face higher interest rates. Why? Because the government is also in line to borrow money, and it’s a big borrower—so banks charge everyone more.
And that $2 trillion borrowed this year? It doesn’t vanish. It gets added to the national tab, and we all pay the interest on that debt—every single year. Right now, interest on the national debt is one of the biggest expenses in the federal budget, and it’s only getting bigger.
So what’s the fix? Boccia suggests creating a commission in Congress that could help make tough financial decisions politically safer for lawmakers. Think of it as giving them a little cover to do what needs to be done—like making targeted reforms to Social Security and Medicare. The idea isn’t to take these programs away, but to make sure they’re helping the people who really need them most, and that they’re financially sustainable for the long haul.
Bottom line? The national debt isn’t just some big number on a government spreadsheet. It’s your student loan rate, your rent, your job prospects—and your kids’ future too. Go beyond the headlines…
How Does the National Debt Affect You? A Budget Expert Explains.
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