In 1981, as the national debt approached $1 trillion for the first time ever, then-President Ronald Reagan cautioned: "If we as a nation needed a warning, let this be it."

The warning, apparently, went unnoticed in Congress.

In the 45 years since the federal debt breached that 13-digit milestone, it has increased 40-fold. It took over 200 years for our country to accumulate its first $1 trillion of debt. Already this year, Washington has added nearly $1.7 trillion. In the time it takes to read this column, the debt will grow by about another $20 million.

When Reagan sounded the national debt alarm in 1981 — and laid out reasonable steps to get it under control — annual interest payments totaled only $96 million. Today, we spend more on interest payments than we do on national defense, by roughly 16%.

Our country is in dire financial straits, and, sadly, lawmakers on both sides of the political aisle seem content to kick the problem down the road.

In 2016, then-presidential candidate Donald Trump claimed he could eliminate the federal debt — at the time only half of what it is now — within eight years. Instead, it's grown by about $11.6 trillion under his two terms in office so far.

That's not to say Democrats are doing any better. Former President Joe Biden added $8.5 billion during his four years in the White House, the largest nominal increase during a single term in U.S. history. And with far-left radicals — who are intent on imposing their socialist agenda on the American public — increasingly steering the party, it's foolish to think Democrats have any interest in cutting up Washington's credit card.

The massive financial hole our country finds itself in owes entirely to lawmakers who care more about keeping their jobs than correcting our country's spending addiction. And, sadly, again, Republicans — the so-called party of fiscal responsibility — are just as guilty as their Democrat peers.

Just a few weeks ago, Trump promised to send every American adult a $5,000 check if Republicans retain control of the House and Senate. The so-called Trump Dividend would add more than $1 trillion to the debt. Sure, it's more political theater than substance, but it perfectly captures the thinking in Washington: Getting reelected is more important than managing our country's finances.

Last year Elon Musk, one of the rarest endangered species these days — a budget hawk — stated that artificial intelligence is "pretty much the only thing that's going to solve the U.S. debt crisis." I believe he may be right.

Despite all their high rhetoric, our leaders in Washington have shown they have no interest in getting the national debt on a sustainable downward path. When the rubber meets the road, they acquiesce to more spending, and the budget snowball rolls on faster and faster.

With the midterm elections quickly approaching, we as voters must demand answers from candidates. Not lofty lip service but real, definitive policy solutions that will bend the debt trajectory down — governmentwide spending cuts, Social Security and Medicare reform, economic growth and, yes, possibly even tax increases if Washington can't tighten its belt.

What will happen if Congress and the White House can't get our fiscal house in order? The debt will continue to balloon, faster than it already is. It will continue to drive up borrowing costs for everyday Americans, exacerbating the affordability crisis. More and more of every tax dollar will be diverted to paying interest, making it harder for our government to deliver basic services.

It will hamstring our economy, stifling job growth. It will suck capital away from the private sector, slowing innovation and development. And, worse still, it will saddle our children and grandchildren with a debt so massive that they may never climb out from under it.

In his address to the nation on the eve of the national debt surpassing $1 trillion, Reagan, the Great Communicator, asked: "If not us, who? If not now, when?"

That question is even more salient today than it was then. As a country, we have to make the national debt a priority. It's a responsibility that falls to each of us. And it starts by requiring our elected leaders to put forward real solutions in exchange for the thing they value most: their jobs.

Ken Buck served in the United States House of Representatives from 2015-2024 representing Colorado's 4th congressional district. He now serves as a Fellow with the Independent Center. To find out more about Ken Buck and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.

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