Charlottesville, VA (CVILLE RIGHT NOW) – Dr. Ed Burton, an economics professor and advisor to Governor Youngkin, offered a sharp analysis of the growing economic pressures facing the nation, focusing on rising interest rates and the escalating national debt during on Morning News. 

While inflation has stabilized at 2.5–3%, Dr. Burton explained that it’s not the primary factor behind mortgage rates exceeding 7%. Instead, he pointed to the government’s growing debt and aggressive bond auctions. “Last week there was an extra $110 billion worth of three and 10- and 30-year bonds auctioned, and that’s putting a lot of pressure on rates,” he noted. 

The federal debt crisis was a central focus of his remarks. Dr. Burton highlighted that annual interest payments now exceed $1 trillion, fueled by rising borrowing costs and growing expenses for programs like Social Security, Medicare, and Medicaid. He stressed the need for urgent healthcare reform, describing it as a key to curbing national expenses. “We spend an enormous amount on our healthcare system, and we don’t get really a good bang for our buck on the health care system. Too many people feel like they don’t pay for their own healthcare,” he said. 

Calling for strategic reforms, Dr. Burton urged policymakers to confront these economic challenges head-on. His analysis emphasized the need for long-term, sustainable solutions to avoid further strain on the economy. 

Listen here for the full conversation: