https://www.investopedia.com/updates/usa-national-debt/ A mercifully simple view: Obviously, the US spends more on national defense, but it also spends more on health care than other nations. (Medicare = 15%, Social Security = 19%) As the baby boomers die off health and SS retirement spending will fall. ("Income security" is double speak for welfare). The government also sells lots of bonds to the public, and issues debt for infrastructure projects. (Your bond asset becomes US debt) The important number is the percentage of GDP, not the dollar amount. Sooo... Everyone has their opinion on what to cut. However, every businessman knows the way forward: more economic activity and less taxes per transaction = more transactions with net higher taxes from wages and income taxes. The fight is about cutting spending vs reducing the percentage of debt (through the use of inflation) by making consumers pay off the debt through higher prices. Clear?
