National debt undermines our national security

This palpable escalation of violence, practices of intimidation, economic warfare, and attacks on our values ​​are deeply troubling and must be addressed. However, our nation also faces a hidden threat that is becoming more uncontrollable by the day. This threat is ours public debtwhich recently exceeded $36 trillion.

The facts about the national debt are dire, and its dangerous trajectory has only accelerated in recent years. Our national debt reached $30 trillion in February 2022, and peaked at $31 trillion in October of that year. In June 2023, it exceeded $32 trillion; three months later it exceeded $33 trillion; and about three months after that, it topped $34 trillion. In July 2024, our national debt topped $35 trillion, and just 118 days later we hit $36 trillion in debt.

This means that each US household has about $274,000 in national debt, and each person has about $107,000. Even more troubling is the fact that in fiscal year 2024, the federal government paid $892 billion in interest alone on our national debt, which is more than what we spend annually on our military.

This trend cannot continue unchecked. Congress should follow Iowa’s lead and balance our budget, eliminate unnecessary government spending, and pass sensible regulatory cuts to grow our economy and, in turn, reduce our debt-to-GDP ratio.

First, to balance our federal budget, we must pass fiscally responsible budgets each year. Congress has not met this primary goal since 2015, and the last time our country had a balanced budget was 23 years ago.

However, without even passing a budget, the federal government has posted a $1.8 trillion budget deficit for fiscal year 2024, and the nonpartisan Congressional Budget Office projects that we will run a budget deficit of nearly $2 trillion in fiscal year 2025—if not more. . One of the most important functions of Congress should be to pass balanced budgets every year, as every American family, farmer and business must do every day, month and year.

Second, we must reduce reckless spending and eliminate the waste, fraud, and abuse that have plagued our government for too long. Recent findings of government mismanagement revealed that more than 150,000 federal employees owe a total of $1.5 billion in taxes, futile research has cost taxpayers an obscene amount of money, the border crisis has cost taxpayers more than $150 billion, and the Supplemental Nutrition Assistance Program is making payments in error payments of $1 billion every month.

On the other hand, huge spending bills like the nearly 2 trillion dollar US bailout have fueled 40 years of inflation and increased our deficits. We must do everything we can to change these terrible spending habits, identify areas where we can save taxpayer dollars, and pay down the debt.

Finally, we must reduce our debt-to-GDP ratio, which stands at 123%. In other words, our total national debt is 123% of our gross domestic product, which is the monetary value of the total amount of final goods and services produced in our country over a period of time, usually a year. One of the ways we can do that is to grow our economy, and one of the ways we can grow our economy is to cut red tape.

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By allowing Americans to keep more of their hard-earned money through a simplified tax code, our economy is strengthened. Reducing burdensome and time-consuming regulations for our companies and farmers allows them to focus more time on supporting their employees, doing their jobs and making a profit. Eliminating unnecessary taxes and red tape for energy producers, including Iowa’s biofuels, could lower gas and utility prices and allow our country to maintain its status as a net energy exporter. These combinations would make America more prosperous and more financially stable.

While this is a basic analysis of what needs to be done to fix our financial system and prevent a future debt crisis, these key points offer a sound basis for debt reduction. In Iowa, we’ve lowered taxes, cut wasteful spending, eliminated duplicative state programs and agencies, and preserved our balanced budget in the process. It is time for the federal government to prioritize our national debt and recognize the hidden threat it poses to our national security.

Congressman Randy Feenstra is the member of Congress representing Iowa’s 4th District.

Roby Smith is the State Treasurer of the State of Iowa.