CONGRATULATIONS, America!

The country managed to cross the $1 trillion annual deficit threshold in just 11 months. And this, along with the massive debt our nation already had, almost guarantees that our kids and grandkids will never see the affluence we have enjoyed.

They’ll be spending most of their discretionary income paying off our debts.

That is not to be cheered, of course. Instead, we should be embarrassed.

The Congressional Budget Office this week announced that the federal deficit was $1.068 trillion in the first 11 months of the fiscal year, which ends in September. Since tax payments come into the US Treasury this month the final 2019 deficit might be a tick under $1 trillion.

Earlier this year, the CBO projected that deficit at $960 billion. But as of Aug. 31, the US deficit was $168 billion higher than the 2018 fiscal year’s shortfall through August. And the 2018 deficit of $779 billion was 17 percent higher than the 2017 shortfall.

The worst deficit of all occurred in 2009 when the Uncle Sam spent $1.4 trillion more than he collected in taxes. That started a string of trillion-dollar deficits that ended in 2012 when the shortfall was $1.07 trillion.

That was at the peak of the financial crisis. But now trillion-dollar deficits are back, even without the crisis.

Bottom line: The US government is $22.553 trillion in the hole and counting. And much of that money is owed to foreign countries like Japan and China, the latter of which isn’t particularly friendly to the US these days.

It wasn’t long ago when a $100 billion annual deficit — or shudder to think, $200 billion — sent shock waves across Washington and Wall Street. Now, a trillion dollars hardly gets a mention in the news!

Well, I’m mentioning it not only to clear my conscience but also because something needs to be done. And what’s being promised by our politicians — more government giveaways — is exactly the opposite of the solution.

How did we get to the point where America has run deficits so large that people can’t even comprehend their magnitude?

It all started with that unfortunate day 18 years ago yesterday — Sept. 11, 2001.

The US reacted to those terrorists attacks with expensive military operations that continue to this day. Did we need to attack terrorist strongholds in the Middle East? Sure, if for no other reason than national pride.

Could we have been more careful in choosing our targets? I’ll leave that to the military experts. But the fact is, the military operations we undertook were expensive. And increased defense spending of an estimated $5.6 trillion — a 50 percent increase when adjusted for inflation — has contributed mightily to our debt problems.

But the full financial impact of 9/11 goes beyond that.

Because of the attacks, the Federal Reserve slashed interest rates and it kept borrowing costs down for a long, long time.

With money cheaper, the housing market went crazy and people without the financial means to carry mortgage costs bought homes. That helped to fuel banking industry problems, which in turn led to the Great Recession that started in 2008.

The Fed cut rates even more and instituted bond buybacks — its dubious quantitative easing programs — that it’s still trying to undo today.

On the government side, Washington had to spend like crazy, with peak expenditures occurring in 2012, which just happened to be a presidential election year.

Now we are coming upon another national election year and the promises (OK, let’s call them bribes) that’ll cost the government even more money are coming fast and furious.

President Trump is promising another tax cut even though the last one didn’t do much to help the economy.

He’s also pestering the Fed to cut rates and even calling its members names. On Wednesday, he poured on the vitriol, branding them “boneheads” and calling for zero or negative rates.

Remember, interest rates that were too low caused the last financial crisis.

On the other side, Trump’s Democratic opponents can’t come up with bribes-for-votes fast enough: Free college! Pay off student loans! Gratis health care for all!

I’m half-expecting a free wash-your-car promise from one of them.

OK, enough!

The US economy is the envy of the world even though its growth rate is hovering at about 2 percent. Trump’s fear — and the Democrats’ hope — is that the economy will suffer a recession about two minutes before voters go to the polls in 2020.

Trump is trying to avoid that. And his attacks on the Fed are actually pretty smart, at least politically if not economically. Either he gets lower interest rates or he doesn’t. And if he doesn’t, then he can blame the Fed if there is a recession.

The same goes for the next tax cut Trump will request. If Congress refuses to go along because it has suddenly become deficit-aware, then Trump will shift the blame.

Hopefully, God will continue to bless America. But I’m beginning to wonder if we deserve it.