Shakespeare said, “Neither a borrower nor a lender be,” and Benjamin Franklin observed, “A penny saved is a penny earned,” and Americans are not listening to either wise man.
Hi, I’m Rex Rogers and this is episode #285 of Discerning What Is Best, a podcast applying unchanging biblical principles in a rapidly changing world, and a Christian worldview to current issues and everyday life.
When I was in graduate school for political science in 1978-1982, we studied international threats to the well-being of the United States of America. We talked a lot about what was then called thermo-nuclear war and MAD, mutually assured destruction, the latter not a very comforting idea—that both sides would possess sufficient armaments to wipe out civilization as we knew it.
We now know, of course, that American economic power and Ronald Reagan won the Cold War, and George H.W. Bush got to see the USSR collapse in 1991. Bill “Clinton took advantage of the “peace dividend” to increase public investment and social supports for the working poor, while also balancing the federal budget for the first time in 30 years.”
Today, things don’t look so rosy. The last time the U.S. ran a full-year surplus, ending with a positive balance, was FY 2001 driven by the dot-com economic boom. Deficits surged sharply due to the 2008 financial crisis, economic stimulus packages, and automatic stabilizer spending, peaking at over $1.4 trillion in FY 2009. Federal spending reached historic peaks—climbing to a record-high $9.04 trillion in spending in June 2020—driven by massive pandemic relief and stimulus bills. In 2025, spending hit $7.1 trillion, resulting in a deficit of approximately $1.79 trillion.
Remember, a deficit is an annual shortfall; the national debt is the accumulated result of borrowing over time. During the George W. Bush presidency (2001-2009), the US national debt increased approximately $4.9 trillion (86% increase). During the Barack Obama presidency (2009–2017) the US national debt increased by $9.32 trillion (an 87.7% increase). During the Joe Biden presidency (2021–2025), the US national debt increased by $8.45 trillion (a 30.5% increase). During the Donald Trump presidencies (First Term, 2017–2021) the US national debt increased by $7.80 trillion (a 39.1% increase). In his Second Term (2025-present) an additional running total of roughly $3.10 trillion to $3.84 trillion has been added.
The US national debt now stands at $40.17 Trillion. That’s roughly $117, 279 per U.S. resident. Annual federal interest payments reached approximately $970 billion by 2025, climbing to record-high percentages of gross domestic product. The US Gross Debt-to-GDP Ratio is now (~126%). Publicly held debt crossing 100% of GDP represents the highest level since the immediate aftermath of World War II, when the ratio peaked at 106% in 1946.
This means that in the 21st century, no president’s administration—not Democrat, not Republican—including Donald J. Trump’s DOGE efforts resulting in a net reduction of 271,000 federal workers, has made any significant impact on the US national debt.
The US national debt is still climbing daily. The U.S. national debt increases by approximately $735 million to $808 million per day, while the federal government spends over $3 billion per day on interest.
If you’ve been watching the social unrest in Europe, particularly France, you’ve probably heard about European nation’s finances. Most are no better, in fact worse off, than the US.
The highest Debt-to-GDP Ratios in Europe
Greece: ~146%
Italy: ~137%
France: ~116%
Belgium: ~108%
Spain: ~101%
United Kingdom: ~94.3%
Lowest Debt-to-GDP Ratios in Europe
Estonia: ~24.1%
Luxembourg: ~26.5%
Denmark: ~27.9%
Bulgaria: ~29.9%
Ireland: ~32.9%
Switzerland: ~14.8%
There is no universal "safe" level for Debt-to-GDP. Under 60% is often considered manageable by some international standards. Above 100% means debt exceeds annual GDP and the nation’s finances are in trouble.
In 2024, data show that social protection benefits, meaning “welfare,” expenditure represented 27.3% of the EU’s GDP. The U.S. federal government spends roughly 16% to 20% of its total budget on means-tested welfare and low-income assistance programs, totaling over $1 trillion to $1.26 trillion annually. This breaks down as:
Social Security: 23%
Medicare: 15%
Net Interest (on the national debt): 14%
Health (including Medicaid): 14%
National Defense: 13%
Income Security (unemployment, food assistance, etc.): 9%
Veterans Benefits and Services: 6%
Back to grad school and thermo-nuclear war. What is the greatest long-term threat to American domestic tranquility, the common defense, general welfare, and the blessings of liberty to ourselves and our posterity?
Is it the existence of nuclear weapons held by rogue governments like Pakistan, North Korea, and until recently, potentially Iran? Is this the greatest threat to America?
Is it the Communist Chinese Party, the CCP or the Peoples Republic of China?
Is it the Russian authoritarian, nationalist government run by Vladimir Putin?
Is it Progressives, Leftists, the red in the Red-Green Alliance, who are currently surging in what they call Democratic Socialism?
Is it Islamists, radical Islam, the green in the Red-Green Alliance, who along with leftists are making themselves felt in France, many walking the streets waving the Palestinian flag in their revolt against Western civilization? Certainly, the Red-Green Alliance is real and a genuine threat, particularly Islamists, and they are at work in the USA, but are they the greatest long-term threat to American peace, freedom, and prosperity?
Is the greatest long-term threat to the American system pandemics?
Is it terrorism and terrorist organizations like Al-Qaeda, Al-Shabaab, Boko Haram, Hamas, Hezbollah, ISIS?
Is it cyber-attacks and attacks on critical infrastructure that could disrupt essential services nationwide?
Is it strategic economic dependence, particularly for critical technologies, minerals, and industrial inputs or perhaps foreign interference and information warfare, particularly when used to exploit divisions and weaken confidence in democratic institutions?
Is it illegal trafficking across U.S. borders, including fentanyl, other illicit drugs, weapons, and human trafficking or transnational criminal organizations that exploit migration routes and international financial systems?
Is the greatest threat foreign disinformation campaigns designed to mislead the public, inflame political divisions, or reduce trust in institutions or election interference, including cyber operations, covert funding, and deceptive influence campaigns?
What about large-scale migration pressures, which challenge the capacity of border agencies, courts, housing, schools, and local services?
Or, despite all the considerable potential for harm this list of threats represent, is it our propensity to live beyond our means, to spend more than we produce, to go into debt, and to keep adding to our debt—meaning also adding to the interest owed per year—despite all common sense and historical economic evidence to the contrary?
Will America be brought to her knees not by some external enemy but by our own profligacy?
Thomas Jefferson wrote in a letter to William Plumer on July 21, 1816: “We must not let our rulers load us with perpetual debt.” Interesting comment because Jefferson, despite his brilliance, was known to be a poor money manager.
The great historian Arnold J. Toynbee said, “Civilizations die from suicide, not by murder.” Are we committing debt suicide?
In Proverbs, King Solomon said, “Whoever digs a pit will fall into it,” (26:27). Americans are digging a debt pit, and if we do not change course our posterity will not enjoy prosperity because we bequeathed them a pit.
Well, we’ll see you again soon. This podcast is about Discerning What Is Best. If you find this thought-provoking and helpful, follow us on your favorite podcast platform. For more Christian commentary, see my website, r-e-x-m as in Martin, that’s rexmrogers.com, or check my YouTube channel @DrRexRogers.
And remember, it is for freedom that Christ has set us free. Stand firm.
© Rex M. Rogers – All Rights Reserved, 2026
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