Lots of sound and fury on U.S. debt, but not a crisis — yet

Increased by $7 trillion during Trump's term. Unfunded tax breaks for the rich.

Social Security and health care are socialized costs: They would exist whether through the government or straight out of pocket; thus, cutting those would not save the taxpayer any money.

The real culprit is defense spending. I realize it's a dangerous world, but the war in Ukraine has shown that billion-dollar planes with huge maintenance costs and short lifespans do not win wars.

Current there is a maximum amount of income subject to the Social Security Payroll Tax. The current cap is $162,200, up from $142,000 in 2022. Any income earned above that cap is not subject to the Social Security Payroll Cap. The shortfall in the Social Security Trust Fund could be largely eliminated by eliminating the income cap for Social Security Taxes.

Another big source of tax revenues the US Congress walks away from is adding capital gains to regular income and taxing it as such. Currently capital gains are taxed at a much lower rate. There are multiple ways the US could eliminate its current accounts deficit if Congress was truly serious about doing so.