Thinktanks Alarmed by “Rapidly Growing Death Spiral” for National Debt

In Analysis by Michael Rae

Michael A. Peterson is the CEO of the nonpartisan, nonprofit Peter G. Peterson Foundation, a think tank dedicated to addressing America’s long-term fiscal challenges. He’s alarmed at the rate at which the cost of servicing the U.S. national debt is increasing as 2022 comes to an end.
He describes the problem to the Boston Globe’s Jim Puzzanghera in an article published on Christmas Eve:
“If you’re borrowing more and more every year on autopilot to fund programs that we promised, which [you] lack the revenue to pay for, you then have a compounding problem where interest on the debt compounds and just adds to the burden,” said

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