America in Debt: Media Reactions
By the Editors
On March 7, 2024, the Coolidge Foundation hosted America in Debt, a national conference at the Library of Congress in Washington, D.C.
The U.S. federal debt has skyrocketed past $34 trillion. This conference assembled leading minds to look at the history of the debt and what it means for America’s future. Speakers included lawmakers of both parties, historians, policy experts, economists, and others.
Here’s a roundup of media reactions:
National Review: What does ignoring the national debt look like? Check out Venezuela’s worthless 1-million-bolívar bills, one of which the Coolidge Foundation gave to every America in Debt attendee. Writing in NR, Dominic Pino notes that the “mother of all fiscal cliffs, about $5 trillion, is coming in 2025.” He says that America faces “an acute opportunity to either make sensible reforms or push the U.S. closer to a debt crisis.” Pino salutes the Coolidge Foundation for bringing together “politicians from both parties…who are seriously concerned about the debt.”
Wall Street Journal: The Journal’s James Freeman, who moderated a panel at the conference, observes: “It took Uncle Sam 232 years to accumulate its first $10 trillion in debt, nine years to accumulate its second, and five years to reach its third. The trip from $33 trillion to $34 trillion in debt was a short one, requiring only three months, from September to December of 2023.” How do we address this crisis? “Maybe we need to first consider the roaring success of a century ago.” That is to say, let’s learn from Calvin Coolidge. Freeman cites essays from the Coolidge Review to make his point.
American Thinker: “We could use a man like Calvin Coolidge again,” reads the headline on Clarice Feldman’s piece. Feldman cites the Wall Street Journal’s account to reflect on the timeliness of the Coolidge example.
Paul Mirengoff: Over at his Substack, attorney and political commentator Mirengoff writes: “I’m happy to report…that the Calvin Coolidge Presidential Foundation held a conference this week on ‘America in Debt.’ The day-long event featured distinguished speakers including Paul Ryan, Phil Gramm, Chris Cox, Steve Forbes, Gene Scalia, Chris DeMuth, and Joe Manchin.” Mirengoff calls for a revival “of the mindset of Calvin Coolidge, who said, ‘I regard a good budget as among the noblest monuments of virtue.’”
Amity Shlaes in National Review: Published the morning of the debt conference, this piece by the Coolidge Foundation’s chair looks at the “long tradition of hyping emergencies to justify unprecedented spending.” Shlaes writes, “Preoccupied with battles over false crises, we fail to address the genuine one, which today happens to be the federal debt.”