On July 4, 2026, the United States will celebrate the 250th anniversary of the Declaration of Independence. Planning for this milestone is already underway, but it raises an important question: how independent is our nation today? The United States has grown heavily dependent on foreign supply chains for essential goods, and recent economic disruptions have shown just how much leverage foreign nations now hold over us.
Consider agriculture. The United States relies on China to purchase a substantial share of our soybean crop. When China halted purchases, American farmers—especially in Iowa—felt the economic pain. Even after a negotiated truce in the trade war, it remains unclear whether China will honor its commitments.
This is only one example. Massive trade deficits and the erosion of domestic manufacturing have left America increasingly dependent on foreign nations, many of whom exploit that dependence to their advantage.
Compounding the problem, the United States is burdened by an unprecedented national debt. The national debt recently hit a record $38 trillion, and federal deficits continue at staggering levels. Many states and local governments are also facing fiscal strain due to chronic overspending.
Recently, a coalition of governors, state treasurers, auditors, and legislators sent a letter to President Donald Trump and members of Congress urging them to use the 250th anniversary of the Declaration as a moment to begin restoring America’s financial independence. Iowa’s Treasurer Roby Smith, Representative John Wills, and Senator Adrian Dickey were among the signatories. They warned that the national debt is “unsustainable, reckless, and dangerous,” and poses a direct threat to national security.
The signatories asked that a concrete plan be approved by July 4, 2026, to put America on a path toward fiscal stability. Yet Americans have become numb to the debt, which grows so rapidly that it increased from $36 trillion to $37 trillion in just nine months. Paying it off would require $287,000 per household or $111,000 per person. Last year’s deficit alone was nearly $2 trillion.
Overspending, especially on entitlement programs, and ballooning interest payments are the primary drivers of the debt. Interest costs already exceed annual spending on both the U.S. military and Medicare. Without action, they are projected to surpass Social Security as well.
The letter warns that if spending continues unchecked, Americans will face real and painful consequences. Social Security trust funds are projected to be insolvent by 2033, likely forcing more than a 20% cut in benefits, roughly a $16,500 annual reduction per couple. Fiscal crises in Medicare and Medicaid would follow.
States and cities must also prepare for potential reductions in federal funding. Iowa, like other states, has grown dependent on federal dollars to support major budget areas such as health care, education, and transportation. Even a brief federal shutdown sparked widespread concern about food assistance and other services. Protests erupted over proposed DOGE cuts, even though Congress has not yet acted on them.
Iowa will face additional challenges as federal policy changes under President Trump’s “One Big Beautiful Bill” begin to take effect in 2026. The signatories urged federal leaders to ratify DOGE’s recommendations to eliminate fraud, waste, and abuse, and to adopt broader reforms, including:
• A concrete plan to balance the federal budget as soon as possible.
• Policies that unleash economic growth: cutting red tape, expanding domestic energy production, and tapping America’s natural resources.
• Rolling back costly requirements tied to federal funds, empowering states to innovate and use dollars more efficiently.
This call for independence echoes the vision of early American leaders. In 1791, Treasury Secretary Alexander Hamilton argued that the United States should produce enough essential goods, especially military supplies, to avoid dependence on foreign nations. President George Washington made the same case in his first message to Congress, urging policies that would secure America’s economic self-reliance.
Two hundred fifty years after declaring our independence, the United States must confront a sobering reality: with $38 trillion in debt and deep dependence on foreign supply chains, our economic independence is slipping away. As we celebrate the nation’s founding, we must also recognize the urgent need to restore the independence our forefathers fought to secure.
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