"Why are we mortgaging our grandchildren’s future?" The same questions might well have been asked in 1800 when our national debt was running at 200% of GDP, and again in the early 20th century, when it rocketed to over 150%.
During the second World War it again climbed to 200%.
The rise to our current figure of 86% was triggered by the financial crisis of 2008 and has been fueled by increased spending on Social Security benefits, bailing out banks, and a reduction in tax revenues from stamp duty, corporation tax, and income tax.
We are not alone - America's national debt is currently running at around 110% of GDP.
We can reduce our debt in several ways - we can lower interest rates to stimulate the economy and increase tax revenues. We can have spending cuts - nobody likes those - and we can increase taxation. The nature of the problem makes you realise that in the main governments are on a hiding to nothing, whatever they try to do.