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While failure to raise the US debt ceiling would be catastrophic, taking on more debt is a crisis itself.
The US has added $8 trillion in debt since 2020 and $22 trillion since 2008.
It took the US 230 years to add the first $8 trillion in debt and just 3 years to add the last $8 trillion.
Net interest expense on US debt was ~$475 billion in 2022 which is nearly 10% of tax revenue.
Within the next 10 years, total US debt is estimated to hit $50 trillion with annual interest expense well over $1 trillion.
Soon, interest will be the US government's largest expense.
Each time the debt ceiling is raised, the crisis gets worse.
We need a sustainable solution.
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