Debt.
Debt. It is the one thing that we don't need. Last year the interest on the national debt was $321,566,323,971.29. That's interest! That's what we pay before one penny goes to paying down the debt. That's 321.6 Billion dollars that we had to pay in taxes that didn't go to schools, roads, Social Security, NASA, or any other program, pet project, or pork.
Debt. Every dollar we pay off lowers the deficit for every following year by a few pennies. It's one of the surest ways to fix the budget.
Debt. Easy to say, tough to do. The US Government can't just declare itself bankrupt. Business would collapse. Ripples would go through the world economy. A depression to make the 1930's look lame could result. So, there's no escape. We have to pay it off, or at least down, eventually. Those in Washington keep hoping that the economy could grow faster than we pile up debt so the evil day doesn't have to fall on their watch. But with the Baby Boomer retirement parties just around the corner, I don't think that's going to happen.
I once heard a saying that applies. The First Rule of Holes: When you find you are in one, stop digging.