Josh Bivens’s essay, “,” expressed concern about the projected growth in interest on the national debt. In fact, the entire national debt of about $19 trillion is roughly equal to the World War II-era debt plus interest. The treasury, in effect, just keeps rolling over the debt as it matures, both principal and interest payments. Treasury has no control over the amounts or timing of treasury borrowing, which are determined by earlier decisions by Congress on taxing and spending.
Maya MacGuineas’s essay, “,” expressed great concern that the projected growth in the national debt will leave an excessive burden on the next generation. This is a common misunderstanding. In fact, the next generation, and all generations thereafter, will inherit not only the liability of the national debt but also the asset of the Treasury securities issued to the public to finance the debt. Thus, the asset offsets the liability, and the net burden is zero.
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