America's growing debt is the result of simple math. It is because each year, there is a mismatch between spending and revenues.
When the federal government spends more than it takes in, it has to borrow money to cover that annual deficit. And each year’s deficit adds to US growing national debt.
Historically, the largest deficits were caused by increased spending around national emergencies like major wars or the Great Depression.
Today, deficits are caused mainly by predictable structural factors: like aging baby-boom generation, rising healthcare costs, higher interest rates, and a tax system that does not bring in enough money to pay for what the government has promised its citizens.
Moving forward, it will be critical for America’s leaders to address their rising debt, and its structural factors.