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Guest Essay

By Geng Ngarmboonanant

Mr. Ngarmboonanant is a managing director at J.P. Morgan and was a deputy chief of staff to Treasury Secretary Janet Yellen.

Many Americans have heard that they should worry about the staggering size of the national debt. For the first time in modern history, America is paying more interest on its debt, now more than $30 trillion, than it spends on national defense. And there is no end in sight, with our deficits running larger than we’ve seen outside a crisis.

Sadly, the size of the debt is not the only thing........

© The New York Times