Persistent deficits could cause U.S. national debt to expand by $120 trillion within the next 30 years, according to Pence.
Former Vice President Mike Pence has issued a warning about the United States’ skyrocketing national debt, suggesting that a debt crisis may be on the horizon. Pence believes that the country’s current spending habits are unsustainable and that if we do not take action to rein in our debt, we will face dire consequences.
“We’re looking at a debt crisis in this country over the next 25 years that is driven by entitlements and no one in Washington DC wants to talk about it,” said Pence.
This warning is not without precedent. History is littered with examples of countries that have fallen victim to the dangers of unsustainable debt. One of the most notable examples is Greece, which faced a debt crisis in 2010 that threatened to destabilize the entire European Union. The crisis was the result of years of overspending and borrowing, coupled with a lack of economic growth.
Another example is Argentina, which has a long history of debt crises. In 2001, the country defaulted on $95 billion in debt, causing its economy to collapse and leading to social unrest and political instability.
The United States itself has experienced debt crises in the past. In the 1830s, President Andrew Jackson paid off the country’s national debt, only to see it skyrocket again in the years leading up to the Panic of 1837. The crisis resulted in a severe recession that lasted for years.
More recently, the 2008 financial crisis was caused in part by the proliferation of subprime mortgages and the subsequent collapse of the housing market. The crisis led to widespread job losses, foreclosures, and a recession that lasted for several years.
Pence’s warning should not be taken lightly. The national debt currently stands at over $28 trillion and is growing by the day. If we do not take action to address this issue, we risk facing a debt crisis that could have severe consequences for the economy and the country as a whole.
In conclusion, the United States is headed toward a debt crisis, and we must learn from the lessons of history to prevent it from happening. By taking a more fiscally responsible approach to spending and addressing the root causes of our debt, we can hopefully avoid the worst-case scenarios that Pence is warning about.