"Our national debt is our biggest national security threat," said Admiral Michael Mullen, Chairman of the Joint Chiefs of Staff, under President Barack Obama, at a "Tribute to the Troops" breakfast" in June 2010.
In Fitch's view, "there has been a steady deterioration in the standards of governance over the last 20 years, including on fiscal and debt matters" Fitch continued Over the next decade, higher interest rates and the rising debt stock will increase the interest service burden, while an aging population and rising healthcare costs will raise spending on the elderly absent fiscal policy reforms In 1980, the U.S. national debt was less than $1 trillion and today the national debt tops $32.5 trillion.
" - John Adams In 2012, the legendary U.S. Senator, the late Dr. Tom Coburn, wrote the book, The Debt Bomb: "In a nation whose debt has outgrown the size of its entire economy, the greatest threat comes not from any foreign force but from Washington politicians who refuse to relinquish the intoxicating power to borrow and spend.
In 1980, the national debt was $908 billion and $2.6 trillion when Reagan left office in 1988.
Under four years of Bush, the debt rose to $4 trillion and then $5.7 trillion under the eight years of Clinton.
With W. Bush, over two terms the debt rose to $10 trillion and then $19.6 trillion after eight years under Obama.
Today, after two years under Biden, our national debt pushed $32.5 trillion.
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