It seems everybody knows about our national debt except Uncle Sam.

As seen in The Oakland Press

October 25th, 2026

It seems everybody knows

about our national debt except Uncle Sam.

by Ken Morris

As we close in on the November Mid-terms, I’m pleasantly surprised by the media coverage pertaining to the national debt. And it’s not good news. Cumulatively, the debt is now in excess of $40 trillion. For accounting purposes, our nation’s fiscal year ends on September 30. And we added another $2 trillion to that debt for fiscal year 2026. On a percentage basis, that’s a double digit increase. And it’s in spite of the fact that tax revenues increased 3 percent, to $5.4 trillion.

Unfortunately, Uncle Sam spent almost $7.4 trillion, accounting for the $2 trillion increase. Interest on the debt also continues to increase, for a variety of reasons.

One big reason is that, as interest rates increase, it costs Uncle Sam more to borrow money. And the extra dollars add up very quickly. Health related programs such as Medicare and Medicaid are also key contributors to the ballooning debt. That’s a hard situation to control, too. It’s essentially unavoidable because we’re an aging population. Longer life expectancies mean longer periods of time that money has to be distributed. Again, it quickly adds up to a very big number. After all, there are millions of retirees out there, many living well into their eighties. That was not factored into the original plan.

In 2027, it’s anticipated that the Medicare Part B premium will be around $210. That’s an increase of close to $7 per month. It may not seem like much, but considering the millions of people who are paying it, the numbers add up very quickly. Hmmm. Seems like I just said that. And on top of that, wealthier retirees will be paying an even greater amount.

The bottom line is that no matter how much Uncle Sam collects, it will never be enough. The premiums we pay are far from what’s needed to cover the obligation. The simple fact is that Medicare and Medicaid are substantially subsidized, and there’s no reason to believe that’s going to change anytime soon.

And then there’s Social Security. Talk about major expenses! Many retirees harbor a negative attitude toward Social Security because they view it as just getting back the money they contributed during their working years. Well, that’s essentially true. But in reality, as people live longer, many, if not most, will get back more than they ever contributed. And that can add up too.

Nonetheless, when it comes to Social Security, the mathematical reality is that Uncle Sam cannot stay on the current trajectory.

I would also be remiss if I didn’t mention that another part of the ballooning debt is due to the substantial spending by the military. Obviously, that’s a variable that can compound the debt at any time and with little warning.

The bottom line is that the issues surrounding the debt need to be discussed and debated. If everyone involved is so firmly attached to their own ideas and unwilling to listen to other viewpoints, the debt will continue to grow. And we will be handing off a fiscal nightmare to our children and future generations.

Speaking of children, many of us are children of the greatest generation ever. If we don’t change our ways soon, we will go down in history as the most fiscally irresponsible generation of all time.