The Cause of the Debt Crisis: Incompetency and Perverse Incentives

The cause of our growing debt is incompetency and perverse incentives, according to the speaker. Conservative politicians used to be rewarded for fiscal responsibility, but that's no longer the case. The speaker criticizes Trump for adding $7 trillion to the deficit and predicts Biden will do the same. The speaker, a Democrat, is recognized for his responsible approach to budgeting. They believe you can be both pro-business and pro-worker. The debt is currently at $33 trillion, and while our economy can handle more, the issue is the growing debt service. With higher interest rates, it could reach a trillion dollars a year, leaving little room for discretionary spending.