Michael Peterson, CEO of the Peter G. Peterson Foundation, said rising U.S. debt
has become a midterm-election focal point and framed the issue as a
cost-of-living problem. He warned higher debt raises interest costs — interest
outlays now exceed defense spending — and said each $1 trillion of additional
debt pushes up interest rates and inflation, increasing mortgage, auto and
credit-card payments. He added rising debt undermines economic growth and slows
wage growth while living costs rise.
