‘How Much Debt Can Our Nation Handle?’

June 5, 2023 Editor, The News-Gazette: To read the desire and praise for suspending the debt ceiling in last week’s editorial and letters to the editor was shocking.

Typically, when you borrow something, you have to repay it — whether it be money or eggs or whatever. And, typically, if you delay the repayment, you also have to pay additional money (or eggs) as interest. This bill actually allows the government to borrow more money!

Today, our federal government’s debt is over $31 trillion dollars. (Know how many zeros there are in that number? 12!) Its estimated revenue for 2023 is $4.7 trillion. It would take almost eight years to pay off this debt, assuming all revenue went to pay off the debt — and we know that isn’t the way it works.

How much will be paid towards debt? About $1 trillion, or roughly 3%. So, the interest on the remaining debt will continue to grow, meaning our debt will grow faster.

Also, the feds will actually increase spending — which means even more debt (and interest). One thing already promised is student loan debt forgiveness — even if the Supreme Court rules the current Biden executive order is unconstitutional.

With more debt, the Federal Reserve will likely increase interest rates — and that will lead to more inflation ... and more persona debt.

Ask yourself: How much debt can our nation handle before collapsing? Could the News-Gazette exist with debt like this? Could you? SUSAN WOOD Glasgow