Uncle Sam’s spending dooms our kids’ economic future

US government debt held by the public just surpassed America’s entire annual economic output — a milestone that signals a rapidly approaching fiscal cliff.

It’s no secret why: Too. Much. Spending.

New data from the Bureau of Economic Analysis pegs publicly held debt at $31.27 trillion, about $50 billion more than GDP for the prior year.

It’s part of an alarming trend — debt growing faster than the economy, with no end in sight.

And it spells big trouble down the road.

In just four years, the debt-to-GDP ratio is on course to break the all-time record of 106%, set just after World War II.

By 2036, it’ll hit 120% — with the deficit at an insane $3.1 trillion.

By 2056, projects the Committee for a Responsible Federal Budget, it’ll soar to an unthinkable 175%.

This path guarantees disaster down the line — unless the nation changes course.

And no, the problem isn’t that Uncle Sam taxes too little: The feds are raking in more than ever.

Rather, as the Congressional Budget Office understates it, “Outlays are large by historical standards — and growing.”

For the 2026 fiscal year, they account for 23.3% of GDP, well above the 50-year average of 21.2%.

Revenue is also pouring in at historically high levels (17.5% of GDP), but that doesn’t remotely cover expenses.

Washington is shelling out $1.33 for every buck it collects, borrowing the difference.

Which adds up to the highest peacetime deficit in US history — now 6% of GDP.

Swelling red ink is already wreaking havoc: Interest alone costs taxpayers a whopping $1 trillion a year, more than America spends on defense.

Plus, Uncle Sam’s insatiable appetite diverts cash from the private sector, slowing investment and pushing up interest rates.

The good news: The $7 trillion budget is a target-rich environment, with plenty of fat to cut — though restoring fiscal sanity also must eventually include savings in big-ticket entitlements like Social Security, Medicaid and Medicare.

Democrats have gone nuts over modest GOP restraints on Medicaid’s growth, but neither party now dares touch senior-citizen benefits; the unspoken message seems to be: We win more votes by running big deficits — too bad about your kids, who’ll pay the price.

Don’t put all the blame on the politicians; they won’t shift course until voters demand they stop robbing the future.