James Lambert
U.S. federal debt is a serious impending national problem
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By James Lambert
January 9, 2024

With the national debt now exceeding $34 trillion dollars, this problem should concern every American citizen. This should include members from both the Democrat and Republican parties. Yet, for some unexplained reason, it does not, with very few exceptions.

The annual interest payment cost of this national debt is close to 700 billion dollars which is close to 16% of last year’s total federal tax receipts. At this pace, payments to this national debt alone will reach almost 20% of the income the federal government takes in annually.

This is outrageous! As a former Finance teacher at a community college, I am deeply concerned about the impact it would place on our younger generation. For this reason, I can’t understand why the vast majority of our Congress members and Senators continue to ignore this problem. If anything, it should be a priority for our leaders in Washington, D.C. to solve this problem by balancing our national budget.

Dear Leaders in Washington: ‘Balancing’ our federal budget means that our federal expenses (annual cost of our running, in full, our federal government) should not exceed the annual income our federal government receives in the form of taxes. By balancing our federal budget, we are only protecting ourselves and our future generations.

Since our federal government hasn’t had a balanced budget since the ‘90s. It’s about time it occurs SOON.

P.S. Dear Readers: can you mail or email a copy of this article to your Congress member & Senator. Thanks

© James Lambert

 

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James Lambert

James Lambert has a broad business background. After receiving his undergraduate degree from Linfield College (McMinnville, Oregon), Lambert pursued a career in banking by working in various management capacities for Crocker Bank, San Diego Trust & Savings Bank and First Interstate Bank (between 1973 and 1995). By 1990 Lambert received his Master in Business Administration from National University (San Diego). For 3 years, Lambert also taught Finance at Mira Costa Community College... (more)

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