Let's all admit libertarians were right: The national debt just hit $40 trillion for the first time ever, "an ominous milestone for an economy that sits on a shaky fiscal foundation after decades of borrowing to pay for the rising costs of the military, social safety net programs and President [Donald] Trump's tax cuts," reports The New York Times. I'd alter their assessment somewhat: Tax cuts are, in principle, a great thing (allowing people to keep more of their hard-earned money is not something I oppose), and Trump's tax cuts are not some new example of fiscal recklessness but rather a continuation of a long trend of presidents failing to heed balance-sheet realities. (This doesn't excuse Trump's spending issue; it just means the Times should maybe also blame other presidents too. Like his predecessor.)
The United States will borrow $2 trillion this year, and spend ample money in the future servicing that debt. Our gross national debt is roughly 123 percent of our total gross domestic product (GDP). Debt held by the public now exceeds 100 percent of GDP.
