What the future problems of a high national debt for the American economy?
Eventually, interest rates on the debt will have to go up. as a nation carrying a high debt load is viewed as a riskier entity to lend to. As interest payments (the interest on the debt) increase, they will crowd out spending on other programs like the military and entitlements like Social Security. High government spending is acceptable during recessions, but during good economic times, that debt should be paid off, or paid down. It is unfortunate that George W Bush chose to squander money on tax cuts and the Iraq war during a good economic period. He should have continued paying down the national debt as his predecessor Bill Clinton had. It would have left us in much better shape for the Bush Recession.
