Editor's Note: This column was co-authored by Daniel G. DeVos and Tom Rastin. 

Hopefully, over Valentine’s Day weekend, you spent time with loved ones, relaxing, enjoying a nice meal or two, and exchanging gifts. However, if you turned on the television—especially on Sunday—you likely saw prominent Democrats and Republicans debating the positions of President Trump and Elon Musk on DOGE. Through the media and their guests, we heard a wide range of opinions on DOGE, government spending, and the growing U.S. federal budget deficit.

Our Growing National Debt

As of February 17th, based on Treasury Department data, the U.S. national debt had reached $36.49 trillion—and was still climbing. That equated to more than $107,000 per capita. Currently, the U.S. national debt stands at just over 123 percent of GDP, with interest payments projected to exceed $1 trillion by the end of the current fiscal year, September 30, 2025.

Consider the following: less than 50 years ago—by the end of President Reagan’s first year in office in 1981—the U.S. national debt had just surpassed $1 trillion, equaling roughly 35 percent of U.S. GDP. To put this in perspective, it took the United States 205 years to accumulate a $1 trillion U.S. national debt and just under 45 years to increase it by $35.5 trillion.  This rapid acceleration is alarming.

The U.S. Gross National Debt consists of federal debt held by the public and Treasury securities held by various government agencies. Each year’s deficit increases are calculated based on the government's fiscal calendar, which runs from October 1 to September 30.

According to Statista,........

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