In 2007, when the total national debt was just under $9 trillion, the GAO said its long-term simulations continued to show “ever larger deficits resulting in a federal debt burden that ultimately spirals out of control.” In 2010, when total federal debt was approximately $14 trillion, then Joint Chiefs of Staff Chairman Adm. Michael Mullen said: “the most significant threat to our national security is our debt.” Total debt is $39 trillion in early 2026. Interest expense exceeds military spending, and in February 2026 the Congressional Budget Office (CBO) forecast the ratio of interest to military spending will be approximately 2 to 1 in 2036. It also projected net interest expense will roughly equal ALL DISCRETIONARY SPENDING COMBINED in 2036.
Presently, the U.S. brings in roughly $5 trillion in annual revenue and spends approximately $7 trillion, so we add roughly $2 trillion to the debt annually. The $2 trillion is expected to gradually grow to $3 trillion by 2036.
Stock and bond markets (and thus 401(k) plans and IRAs that hold stocks and bonds) are completely dependent on a financially stable U.S. government. Historically, nations facing such problems have printed money to try to deal with them. Inflation resulted; the problems persisted. The Fed has printed money via quantitative easing in huge amounts (sometimes $75 billion/day during the pandemic in 2020). Very significant inflation followed in 2022.
No one in Congress cares enough to act to stop the debt’s growth. Being in power is paramount; cutting entitlements potentially jeopardizes power. The best we’ve seen is people speaking out after leaving Congress. Trump’s new golden age calls for prosperity to the detriment of the future; he’s hoping the music doesn’t stop while he’s in office.
Republicans cut taxes without cutting spending. Democrats cannot spend enough.
Many go to great lengths to educate their children. How is leaving them a broke country consistent?
Along with others, I’m now preparing for the worst—attempting to figure out what is going to happen and roughly when. If what is to transpire and when can be determined, perhaps effective defensive action can be taken. But it will help little if most others are hurting. While some see a slow, gradual decline where government debt saps private capital and government services gradually dwindle to deal with the growing interest burden, more expect a very quick demise triggered by a major event or events, such as a major pandemic and/or war. In 2025, area expert Ray Dalio gave America 3 years, give or take a year, to avert an economic heart attack. A major bad event could be the spark that creates the heart attack. In 2020, U.S. pandemic expert Peter Daszak said: “I’m not holding in my bunker right now. We’re going to get hit by a much bigger one sometime in the next 10 years.” A major bad event would very likely cause an interest rate spike, triggering a recession and markets downturn, in turn causing expensive federal borrowing and a downward spiral.
At some point, a January 6th type group will likely arise, refusing to pay taxes when a huge percent is being flushed down the interest rate toilet. A market-debilitating reorganization of a bankruptcy type can be expected, reducing debt and/or interest rates. Unless done drastically (and a drastic reduction would throttle markets), it won’t solve the problems. Only very significant changes to the federal government will place the country on solid financial ground. Solutions still exist, but we run the risk of a financial collapse if action is not taken soon.
Hope exists under Article V of the U.S. Constitution. Two-thirds of the States would need to call a convention on the matter, and then three-fourths would need to ratify a “application.” I’ve drafted such, calling for a phase-in to a balanced budget. But I cannot find anyone in our state legislature to act on it. I have sought interest of the Georgia Republicans. No interest. I wrote to Roy Barnes regarding the matter twice. No response.
The attached January 22, 2026 article from the Committee for a Responsible Federal Budget (CRFB) explains what a fiscal crisis would look like.
On page 5, regarding what would spark a fiscal crisis, not noted is the potential second (much worse) pandemic that Peter Daszak, U.S. pandemics expert, predicted in 2020. Think back 100 years, and you’ll note something bad happens roughly once a decade. (Think 9/11, the Great Recession of 2008, and COVID in 2020.) Particularly pertinent is the material on pages 8-9 regarding default or a debt spiral situation. Imagine markets losing significant value, followed by spending contraction (largely by seniors with 401(k)s and IRAs), followed by a recession with no ability to borrow cheaply (unlike in the past). Finally, on page 12, excess borrowing is noted as having caused inflation post-COVID. (Inflation hit in 2022.) Not noted is the Fed was quantitative easing (basically, printing money) at the rate the Treasury was borrowing (in huge amounts) in the Summer of 2020.
The CRFB recently released the below “break the glass” document, in anticipation of the economic heart attack Ray Dalio anticipates in 2027, 2028 or 2029.
THE MAIN REASON I’M RUNNING FOR U.S. SENATE IS TO PREVENT THE ECONOMIC HEART ATTACK RAY DALIO HAS FORECASTED IN 2028.