From Surplus to $40 Trillion Debt in One Generation
In 2000, we ran a surplus budget. One generation later, we're $40 Trillion in debt, and the annual service on that debt is now more than we spend on Defense.
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Danforth
Joined 2005/10/01Visited 2026/08/21
Status: user
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From Surplus to $40 Trillion Debt in One Generation (4 comments) ...
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Surprise, surprise! The authors seem to trace a large percentage to tax cuts.
#1 | Posted by Danforth at 2026-08-21 03:20 AM | Reply
Maybe this is a good time to bring up the fact trillions of dollars of tax cuts were expiring, and the OBBB extended them.
And, of course, whenever you're running a deficit budget, and choose to extend otherwise expiring tax cuts, that represents 100% new, additional borrowing. Extending the expiring cuts will cost over $2 trillion, plus service costs, of course.
All newly borrowed, and almost all to give away in tax cuts to the world's wealthiest.
#2 | Posted by Danforth at 2026-08-21 03:24 AM | Reply
Almost entirely traceable to Republican policies and blunders.
#3 | Posted by jpw at 2026-08-21 06:48 AM | Reply | Newsworthy 1
the annual service on that debt is now more than we spend on Defense.
Been saying this since I arrived on this site 5yrs ago. But neither side wants to fix the problem, one just raise taxes, the other stop spending. Neither will happen.
US just raised most revenue in its history, US just spent more than it ever had due to mandatory spending.
Never heard of this ridiculous premise framing it as 0 to a 40 trillion though. Must be that Danforth math at work. The US already owed 4-6trillion.
The US never stopped selling treasuries, despite the supposed "surplus."
Boomers always thinking its everyone else's fault. Boomers it's you, and only you, the spending spree started under you and hasn't stopped under you.
#4 | Posted by oneironaut at 2026-08-21 08:45 AM | Reply
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