The pace of growth in the US national debt has accelerated significantly, according to recent figures released by the Treasury Department. From January 2nd of this year to July 2nd, the nation’s outstanding debt surged from $33.990 trillion to $34.866 trillion, marking an increase of over $876 billion in just six months.

This alarming trend has drawn attention from former Secretary of State and ex-CIA director Mike Pompeo, who voiced concerns through a recent post on the American Center for Law and Justice (ACLJ), a nonprofit based in Washington. Pompeo emphasized that the burgeoning debt now poses a serious threat to national security, citing projections from the Congressional Budget Office (CBO), a non-partisan federal agency.

The CBO estimates that the budget deficit for the 2024 fiscal year could reach $2 trillion, surpassing last year’s deficit of $1.7 trillion by $300 billion. Pompeo stressed the gravity of the situation, pointing out that the national debt was 97.3% of GDP last year and is projected to escalate to 122% of GDP within a decade. Such a scenario, he warned, would mean the nation’s debt would exceed the entire wealth generated by the US economy, which is globally recognized as the largest, most dynamic, and powerful.

Pompeo further cautioned that maintaining such high levels of debt could lead to depreciation of the US dollar over time, potentially bolstering the influence of competitors like Beijing, Moscow, and Tehran on the global stage. He underscored that running deficits, whether in business or national finances, invariably leads to failure, a principle he believes the federal government has overlooked.

In conclusion, Pompeo urged swift action to address the mounting national debt, emphasizing the critical importance of safeguarding America’s economic future before irreversible consequences ensue.

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