President Joe Biden speaks to reporters as Senate Majority Leader Chuck Schumer escorts him to a lunch with the Senate Democratic Caucus at the U.S. Capitol, July 14, 2021. (Kevin Lamarque/Reuters)
NRPLUS MEMBER ARTICLE
hen the United States entered World War II and rapidly ramped up military production, it drove debt to its largest share of the economy in the nation’s history. But as the crisis ended, that spending wound down, and debt returned to more sustainable levels.
What is happening now is something quite different. Even before the COVID-19 pandemic hit, the U.S. was already on an unsustainable fiscal path, primarily as a result of spending on entitlements. Starting from this already historically high baseline, Congress enacted $6 trillion worth of spending during one year, spanning two administrations. Last year, debt exceeded the size …
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