WASHINGTON, Monday, July 31 – The U.S. national debt has skyrocketed to $30 trillion, a level that is unsustainable and threatens the country’s economic security, the Cato Institute warned on Tuesday.
The libertarian think tank said that the debt has increased by $8 trillion since President Joe Biden took office in January 2021, and is now at its highest level ever as a percentage of the economy.
“The national debt is a ticking time bomb,” said Cato Institute economist Michael Strain. “It is a threat to our economic security and our ability to meet our future obligations.”
The Cato Institute called on Congress to take action to reduce the debt, including by cutting spending and reforming entitlement programs.
“The longer we wait to act, the more difficult and painful it will be to get our finances in order,” Strain said.
The Cato Institute’s warning comes as the Biden administration is facing pressure to increase spending on social programs and infrastructure.
The administration has argued that the debt is not a major concern and that the economy is strong enough to handle higher levels of debt.
However, the Cato Institute said that debt is a serious problem that could lead to higher interest rates, slower economic growth, and a decline in the value of the dollar.
“The national debt is a threat to our future,” Strain said.
“We need to act now to reduce it before it’s too late.”
