By West Virginia State Treasurer Larry Pack
The national debt represents one of the greatest current public policy challenges in the United States. Yet no matter the party or level of government, very few of those in power have any interest in tackling this problem. This has led to record levels of inflation that are strangling the American family and increasing unaffordability. All the while our governments continue to spend at incredible and unsustainable rates. As a result, America’s debt now sits at about $39 trillion and is quickly approaching $40 trillion just in time for America’s 250 birthday. Happy Birthday, America! Every citizen owes $115,000 and every household owes nearly $400,000.
Every administration over the last 30 years has contributed to our national debt. This lack of disregard for the taxpayer has forced our government to borrow money to cover those deficits. And when we don’t pay back those loans, each year’s deficit adds to our growing national debt, with interest.
To cover the spending addiction, we have to borrow money from the American people – or worse – foreign interests. As of right now, more than $8 trillion of the federal debt is owned by individuals not located in the U.S., including more than $800 billion owned by individuals in China. Relying on foreign interests only puts the security and future of our great country at risk.
American Legislative Exchange Council (ALEC) President and Chief Economist Jonathan Williams has repeatedly stressed that at current levels, the U.S. is spending more annually on interest payments than on national defense or Medicare, and that this undermines long-term defense readiness. Williams also said, “If Congress doesn't start implementing fiscally responsible policies in a nonpartisan fashion, Americans will pay the price in higher taxes and slowed economic growth and in the form of ugly price inflation.” We have seen this firsthand under the Biden administration as inflation rose at an incredible rate, skyrocketing consumer goods and services.
Even the interest on the debt costs the American people $1.22 trillion dollars a year. That is more than the GDP of every country in the world besides the 16 richest. Let that sink in. We spend more on just paying off the interest on the debt than what most of the nations in the world produce, according to gross domestic product in a year. That is not a recipe for a strong economy that benefits the people of our country.
Earlier this year, I joined House of Delegates member Tristan Leavitt (R-Kanawha) to urge the State Legislature to pass House Resolution 7, which recognized the severity of the national debt, and to urge Congress to commit to establishing an effective regular order for budgeting. Ten other state legislatures considered similar resolutions, including the passage of HR28 in Indiana led by Governor Mike Braun. In November 2025, I joined 90 other state leaders from across the country to sign a letter to President Donald Trump and members of Congress to address the national debt problem.
President Trump is doing his part by cutting the size of the federal government by 10% and implementing historic tax cuts returning money back to the American people. We know this is a step in the right direction since every time we have cut taxes since President Ronald Reagan we have actually raised revenue. If we are able to follow President Trump’s lead by reducing spending and taxes, we can return dollars back to hard working Americans who then reinvest those dollars back into their communities.
As America gets ready to celebrate the 250th anniversary of the Declaration of Independence, we have come together as governors, state legislators and state financial officers to support President Trump and Congress in restoring our country’s fiscal solvency. Just like our budgets at home or at our business, we need Congress to make decisions even if they are difficult ones. It is time we get back to economic policies that unleashes prosperity, secures the United States as a world leader and continues to put Americans first. If we don’t tackle this issue head on, it will hinder our nation’s ability to fund other priorities and potentially put on our nation in financial distress putting America’s strength in jeopardy for future generations.