Please read this with an open mind. Regardless of political beliefs, this issue affects us all. Especially our children and grandchildren. The U.S. national debt has surpassed $37 trillion and continues to rise. As Americans, we must decide: do we continue this unsustainable path or take decisive action to ensure economic stability for future generations? If not now, then when?

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The reality of our national debt crisis

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In 2009, I ran for Congress because of these concerns. During an interview, I warned that continued deficit spending would push the U.S. toward bankruptcy, much like the Soviet Union. At that time, our national debt was $7 trillion. Now, it has skyrocketed to $37 trillion due to consistent $2 trillion annual deficits. Today, that amounts to approximately $123,333 per citizen and is climbing fast.

For decades, federal spending has outpaced revenue. Politicians from both sides have ducked making tough decisions, preferring to promise benefits rather than having the backbone to enact fiscal responsibility. Regrettably, we have reached a tipping point. Continuing unchecked spending will lead to inflation, economic stagnation, and diminished global confidence in the U.S. dollar.

From 1900 to 1973, the U.S. largely balanced its budget, except for wartime spending. However, since 1973, consistent deficits have pushed our debt from $427 billion to today’s staggering $37 trillion. Last year alone, revenues totaled $4.9 trillion, while expenditures hit $6.7 trillion–resulting in a $1.8 trillion deficit. This gap is filled by borrowing from the Federal Reserve, issuing “funny money” not backed by gold since the 1970s.

The burden of this debt is enormous. Interest payments alone neared a shocking $900 billion last year, nearly 14% of the federal budget–almost as much as the defense budget. Worse, a portion of our debt is held by unfriendly foreign nations like China; meaning our interest payments could be indirectly funding their military.

The far left calls for higher taxes, particularly on the wealthy. However, in 2022, the top 1% of earners already paid 40% of income taxes, the top 10% paid 76%, and the top 50% paid 98% (ntu.org). Meanwhile, 34% of Americans paid no income taxes. As President Reagan noted in the 1980s, “We don’t have a tax problem, we have a spending problem.”

If we fail to act, future generations will bear an insurmountable debt burden, leading to higher taxes, greatly reduced government services, and fewer economic opportunities. Even if we committed to paying down this debt over 30 years, it would require an annual $2.5 trillion allocation–an almost impossible goal without massive spending cuts.

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DOGE’s smart and necessary cuts

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DOGE’s fiscal reforms focus on eliminating waste and inefficiencies while preserving essential services. Key measures include:

¯ Eliminating redundant agencies & programs — bureaucratic overlap wastes billions.

¯ Reforming entitlement programs to preserve today’s obligations and reduce future commitments.

¯ Reducing waste & fraud

¯ Ending unnecessary subsidies — foreign aid, corporate welfare and outdated subsidies.

¯ Curbing excessive federal employment & benefits — the federal workforce is bloated.

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The benefits of fiscal responsibility

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How many households or businesses could survive 50 years of deficit spending with no debt repayment? None. The U.S. is no exception. Historically, we have defaulted on debts after the Revolutionary and Civil Wars and during the Great Depression. Continuing down this dangerous path risks another financial crisis.

Although politically challenging, DOGE’s reforms will yield long-term benefits. Reducing federal spending will slow debt growth, stabilize inflation, and restore economic confidence. Fiscal responsibility will encourage investment, job creation, and higher wages; ensuring a stable and prosperous future.

Without action, the U.S. risks a debt crisis like Greece or Argentina, where government insolvency led to economic collapse, devastating inflation, and political instability. However, if we embrace necessary reforms, we can safeguard national prosperity.

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A call to action

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The time for fiscal discipline is now. Lawmakers must set aside partisan politics and acknowledge that reckless spending is a bipartisan problem. We, as citizens, must demand responsible governance that prioritizes long-term financial security over short-term political gains.

When I was nine years old, I heard John F. Kennedy’s inaugural speech: “Ask not what America can do for you. Ask what you can do for America.” Unfortunately, we’ve shifted from this ethos to a “give me” mentality.

The choices we make today define our nation’s future. Let us choose fiscal responsibility over reckless spending. By supporting DOGE’s fiscal cuts, we can prevent national bankruptcy and create a legacy of prosperity, not debt.

If not now, then when?

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Doug Hoffman is a certified public accountant and small businessman living in Lake Placid. In 2009 he ran in a special election for Congress in the NY-23 Congressional District on the NYS Conservative Party line. The American Conservative Union honored him with the 2010 Charleston Heston — Courage Under Fire Award at the CPAC convention in Washington, D.C.