The next president to oversee a decline in the national debt—if that ever happens—will be less popular than any president of the modern era, by far.
The American people either don't understand what our financial situation is, or they are in denial about it, or they don't care about it because they are almost dead and will not be around for the consequences.
Our current debt picture is not sustainable. Barring some AI miracle from Elon Musk's fantasies, our national insolvency leaves us with the following options: (1) We're either going to have to dramatically raise taxes (well beyond the billionaire class). (2) Or we are going to have to dramatically cut spending (well beyond just military spending). (3) Or we are going to have to do both. (4) Or we are going to have to pull off the most globally destabilizing, reputationally destructive feat of financial scammery in all history.
The problem with the options where we actually pay the debt or cut spending is that no politicians would survive this. Trump is extremely unpopular. Biden was very unpopular. George Bush and Obama weren't exactly loved at the end of their terms either. But the president who is around when we address the debt is going to be run out of DC with pitchforks.
People don't understand how much of a heavy lift it would be at this point to change the direction of that debt chart. Wealth taxes on rich people would get us like 5-10% there. And that would completely tank the economy immediately.
Once the billionaire money is gone, everyone's eating rice and beans in retirement now. Imagine boomers being told that medicare doesn't cover anything cancer or alzheimer's related anymore. If you can't swing the treatments from your life savings, take some dilaudid and valium on your way out. We'll make ya comfortable. Imagine gen z being told that there aren't any special student loan repayment options anymore. $500-$1500/month installments are now required or wages are going to start getting garnished. Injured vet? Sorry, the pension program for injured vets is now gone. Here is a coupon booklet instead. Try learning how to vibe code. Finally graduated med school and making the big bucks? Taxes are going to run you about 60% hopefully the rest covers your loans and everything else.
Barring some miracle, we are looking at a level of austerity that American's haven't seen since the great depression. The interest alone is more than our entire government used to cost not long ago.
If technology doesn't rescue us, something extremely dark is coming. And democracy does not provide a way out. The people only know how to vote for less tax and more welfare. They don't know any other way.