Constitutional Scholar Warns of U.S. Debt Crisis as National Debt Nears $40 Trillion
William J. Watkins, Jr., a constitutional scholar at the Independent Institute, has raised concerns about the U.S. national debt, which is approaching $40 trillion. Watkins argues that the country's reliance on paper money, backed by government power rather than tangible assets like gold, is a departure from the founders' intentions. He highlights that the interest on the national debt is now comparable to military spending, indicating a significant financial burden. Watkins attributes the growing debt to a shift in constitutional interpretation, particularly since the New Deal era, which expanded federal spending powers. He warns that the current fiscal trajectory could lead to a financial crisis if foreign creditors decide to sell off U.S. Treasuries. 
