Justin Bogie, Benjamin Paris
Here's how much everyone owes.
This One Chart Shows How Much Debt America Is In (Be Terrified)
Our economy is strong, but so is the possibility that it may have an Achilles heel—the national debt. That was the consensus of participants in a recent panel discussion at The Heritage Foundation.
The unmatched power and recently strong economic growth of the United States masks a dangerous hazard that could lead to our collective downfall, the panel agreed. And if left unchecked, debt could threaten the prosperity of future generations.
It’s a bipartisan issue, the panel pointed out. Americans agree, in overwhelming numbers—as in 94% of Republicans and 92% of Democrats, according to recent polling by the Peter G. Peterson Foundation—that future generations will be better off if the national debt is managed.
Marc Goldwein, senior vice president and senior policy director at the Committee for a Responsible Federal Budget, said at the event that national debt crowds out investment as investors purchase government bonds rather than buying private assets or otherwise investing in the private sector.