The U.S. national debt recently topped $37 trillion. This comes to over $323,000 for every U.S. taxpayer.
What’s more, $37 trillion amounts to a debt to gross domestic product (GDP) ratio of over 123 percent. For perspective, the debt to GDP ratio was just 57 percent in the year 2000. Less than half of today.
Back then, the federal budget deficit was practically a non-issue. Washington, for a brief moment, even ran a budget surplus. The Congressional Budget Office (CBO) was so excited by this that it forecast continuous surpluses for years to come.
But, alas, it was not to be. Today, a quarter century into the new millennium, we’re facing…
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