If only the national debt and Taylor Swift were dating. The world’s focus was on Las Vegas on Sunday, as the city hosted its first Super Bowl. It was an unrestrained success in spite of a few national doubters. Both celebrities and fans were catered to and entertained in Las Vegas. The game’s low scoring beginning was pretty much the only thing that let me down. Las Vegas proved once more why it is the global center of entertainment. However, entertainment fades quickly. After enjoying the game, football fans departed to resume their regular lives. Although the Kansas City Chiefs had a lavish victory celebration, the off-season has already begun. Super Bowl hosting responsibilities were transferred from Las Vegas to New Orleans.
:max_bytes(150000):strip_icc()/Taylor-Swift-Travis-Kelce-021324-df88e9a2fcab494f8346483192d40bbb.jpg)
This is how life usually goes. Fun is accompanied by obligations and difficult choices. Being able to balance those conflicting interests is a sign of maturity. This maturity isn’t being displayed by the American public. The most recent information about Swift—who was heavily highlighted on Sunday’s TV show—and her boyfriend, Chiefs tight end Travis Kelce, is known to tens of millions of people. However, they show little interest in talking about the national debt, which is a matter of far greater significance to all Americans.
The Congressional Budget Office published its estimate of the United States’ fiscal outlook last week. The circumstances are dire. The expected deficit for this fiscal year is $1.6 trillion. In light of this, the U.S. budget as a whole didn’t even approach that amount until the late 1990s. By 2034, the annual deficit is expected to have increased to $2.6 trillion. The percentage of public debt to GDP will shortly reach 100%. By 2034, at this rate, it will have risen to 116% of GDP—”the highest level ever recorded.” The nation’s financial situation wasn’t so dire even after the severe financial hardships of World War II.
The low tax rate isn’t contributing to the mounting deficit. Currently, federal government revenue represents 17.5% of GDP. That is anticipated to increase to roughly 17.9% following a one-year decline. No, the real reason America’s insolvency stems from the political class’s addiction to embezzling public funds. “After 2028, growth in spending on programs for elderly people and rising net interest costs drive up outlays, which reach 24.1% of GDP by 2034,” according to the paper. This disparity, which accounts for almost 6% of GDP, is a serious issue. The people should be highly aware of it and should put pressure on our elected officials to put forth and vigorously discuss potential remedies.
Rather, an excessive number of indifferent Americans overlook it, engrossed in the newest trend in popular culture. Maybe someone should pay Swift to wear a pin featuring the clock representing the nation’s debt.
