Nov. 5, 2018–The U.S. national debt doubled over the last decade, from $10 trillion in 2008 to over $21 trillion this year, as the government continually spent more money than it raised in revenue.
The largest deficits came during the Obama Administration in the aftermath of the 2008-09 global financial crisis: $1.4 trillion in 2009, $1.29 trillion in 2010 and $1.3 trillion in 2011.
The U.S. economy had fallen into recession at the end of 2007 and did not begin to recover until June 2009. By 2014, however, the economy resumed steady annual growth.
National Debt
Even during today’s relative strong economic growth period, annual deficits are reaching close to $1 trillion a year. The annual deficit is projected to reach $833 billion this fiscal year and $984 billion in FY2019.
As the deficits mounted each year, the national debt has soared. Today, the U.S. government owes over $21 trillion. That’s 4 percent of the nation’s GDP.
If divided up equally among the populace, it would be $65,955 per citizen or $177,701 per taxpayer, according to the U.S. Debt Clock.
Political Center Vanishes
Even so, it does not seem to raise concerns among the political candidates running in national elections this year nor among the voting population.
As the political parties have polarized over the years, the political center that was once able to broker deals over balancing the budget disappeared.
Now it seems to have vanished entirely.
Not A Campaign Issue
In a handful of campaign speeches over the last week, President Donald Trump did not mention the national debt or annual budget deficit once. Instead, he focused on immigration, taxes, health care, military and law enforcement spending, employment, and the economy.
In a similar fashion, former President Barrack Obama has barely mentioned deficits while hitting the campaign trail for Democratic candidates. Instead, Obama emphasizes voting rights, character, human rights and investments in education, health care and national infrastructure.
As for voters, their minds are also elsewhere.
According to the Gallup polling agency, the top issues for voters in this year’s midterm elections are healthcare, the economy and immigration. The next top issues voters named were women’s issues, gun policy, taxes and foreign affairs.
In a similar vein, a Rasmussen poll found that voters cared most about the Trump presidency, the economy, illegal immigration and healthcare.
Global Debt Rises Too
The growth of U.S. government debt is part of a larger global trend. Last Spring, the International Monetary Fund found both public and private debt hitting new record highs. The IMF warned that high government debt makes economies “vulnerable to changing financing conditions” and make it more difficult to borrow.
So even as the mass public has turned its attention to other things, economists are taking note.
