Former CIA Director Warns US Debt Skyrockets by 876 Billion in Six Months Deeming Americas Fiscal Health a National Security Risk
The pace of the US national debt’s ascent has accelerated significantly, as per recent figures released by the Treasury Department. From $33.990 trillion recorded on January 2nd this year, the debt surged to $34.866 trillion by July 2nd, marking a staggering increase of over $876 billion in just six months.
This alarming trend has drawn sharp concern from former Secretary of State and ex-CIA director Mike Pompeo, who voiced his apprehension in a recent post on the Washington-based nonprofit American Center for Law and Justice (ACLJ). Pompeo highlighted the debt’s ballooning nature as a pressing threat to national security, citing data from the Congressional Budget Office (CBO), a non-partisan federal agency.
According to the CBO, projections indicate that the budget deficit for the 2024 fiscal year could reach $2 trillion, surpassing last year’s $1.7 trillion deficit by $300 billion. Pompeo underscored that the national debt was 97.3% of the national GDP last year and is projected to swell to 122% of GDP within a decade. This trajectory implies that the nation’s debt load could exceed the total wealth generated by its robust economy, the largest globally.
Pompeo warned that such unprecedented debt levels could lead to the depreciation of the US dollar over time, potentially empowering rivals like Beijing, Moscow, and Tehran on the global stage. He stressed the detrimental effects of persistent high debt, coupled with rising interest rates and inflation, which could collectively erode the dollar’s value, undermining America’s economic dominance.
The former Secretary of State emphasized a universal economic principle, asserting that deficits inevitably lead to failure, irrespective of the entity’s scale or wealth. He lamented that the federal government appeared to have forgotten this critical truth, urging immediate awareness of the existential threat posed by mounting national debt to America’s future.
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[Image: Midjourney]