"And the trajectory that our debt is taking now beyond $14 trillion is going to have an impact on our currency. It goes south, and our currency's going to have an impact on our standard of living and affect every family in this country, and over time, our international competitiveness"

In this quote, Jon Huntsman, Jr. goes over the significant implications of rising national financial obligation, stressing the interconnectedness of financial policy, currency evaluation, and financial well-being. As of the time discussed, the financial obligation is going beyond $14 trillion, recommending a trajectory of fiscal imbalance that could have far-reaching effects.

Huntsman highlights that a blossoming nationwide financial obligation can result in a decrease in the worth of the country's currency, revealed by his usage of the phrase "It goes south". A depreciating currency typically arises from increased borrowing since it can lessen foreign investors' confidence in the country's economic stability. This depreciation means that each system of currency purchases less goods and services than in the past, resulting in inflationary pressures that can erode acquiring power.

The declaration forecasts adverse effect on the standard of living, recommending that as the debt grows and the currency compromises, prices for imported products may rise, and domestic inflation may increase, reducing customers' genuine earnings. Basically, people will need to spend more to maintain their current lifestyles, affecting every family throughout the country.

In addition, Huntsman shows that the debt scenario will eventually impact "our worldwide competitiveness". As a nation's currency damages, its services and products can end up being more affordable and more appealing on the global market, potentially boosting exports momentarily. However, if the currency falls excessive, it might show much deeper financial problems, such as absence of investment in facilities and development, increasing the expenses of imports critical for production, and causing long-term damage to competitiveness.

In general, Huntsman calls for alertness and action to ensure that increasing debt does not weaken economic stability, degrade the standard of life, or erode the country's position in the global economy. His declaration highlights the vital requirement for balanced financial policies to preserve currency strength, financial well-being, and global competitiveness.