Reducing debt must become a priority

First, a few facts. Our national debt is just under $20 trillion. As a percentage of the GDP, it has never been higher in our country's history except during World War II.

After paying down the World War II debt, it increased every year under every president since 1960. During Obama's terms, the interest expense on that debt averaged $420 billion per year.

During Bush's terms, it averaged $371 billion per year. About 55 percent of that interest is paid out each year to the public owners of our debt with the rest accrued to the federal government for its use of the Social Security and Medicare trust funds.

The federal funds rate is at a historic low, which is why savings accounts and bank CD's offer interest rates below 1 percent.

If the federal funds rate returns to a historic average, it could add another $150 billion annually in interest expense. So the question becomes, why does neither political party or presidential candidate have a plan to pay down this debt?

Think of what we could do with that $250 billion annual interest expense payment, which will only increase as we increase our debt.

Instead, we only get increased spending for schools, the military, social services, infrastructure, free college, family and medical leave and on and on.

You hear politicians compare the debt to a mortgage. But everyone eventually pays off their mortgage; our debt just keeps getting bigger and bigger.

I hope it's not too late for our children's and grandchildren's sake, but at what point do we say, "Ask not what your country can do for you, ask what you can do for your country?" Or better yet, what you can do for yourself.

John Schadl

Arlington Heights