More on debt

The average inflation rate since 1950 has been 3.8%. The national debt in 1950 was $250 billion. Today the national debt is $37 trillion. This is an average increase of 6.8% and therein lies the problem. If the government would agree to increase spending at one half percent below the inflation rate the debt would come down each year. The current budget is $6.75 trillion and it that is allowed to increase at the long-term inflation rate of 3.8% the budget in 75 years would be $110 trillion. If spending increases are held to 3.3%, which is one half below the inflation rate, the budget would be $77 trillion and the difference between the two would wipe out the $37 trillion dollar debt. It took 75 years to accumulate this debt and it can be eliminated in 75 years. Even if the government just kept the spending at the current inflation rate the debt would no longer increase. Congress has been unable to do this and thus the debt keeps rising and they just keep kicking the can down road hoping that if and when it breaks the bank they will be retired. In the eyes of most politicians attacking the debt problem is a fool’s errand. It would most likely result in a primary challenge.