We are going deeper and deeper into debt …
In her Union State In his speech, President Biden claimed that he would be “the only president who has reduced the deficit by more than 1 trillion a year.” While this is technically true, he ignores the fact that the costs associated with COVID-19 relief will be reduced because of the deficit reduction.
Meanwhile, debts will continue to rise as members on both sides refuse to control spending. House passed one last week Bills cost 1.5 trillion Which is over 2,000 pages long. Experience teaches that most members did not read all, not even most. Why should they? They are not spending their money.
Speaker Nancy Pelosi Orwelian was hired by NewsSpeak when he mentioned government spending at a recent news conference: No, it’s not. Government spending is doing just the opposite, reducing national debt. It’s not inflation. “
Yes, and war is peace.
Remember earmarks, For the spending bill on those small and large add-ons that Republicans once banned and promised voters they would never come back? They’re back, with some Republicans pushing their spending bills. Earmarks received 367 pages of the said bill.
Social programs, which are not measured by their success or failure, are part of the monstrosity of this expenditure. To get more for defense, a The Wall Street Journal “Over $ 3.4 trillion spent last year, Republicans had to accept more internal spending,” the editorial noted.
This irresponsible spending continues because of the philosophical change in American citizens. Where once people were expected to take responsibility for themselves and return to government as a last resort, now most – but not exclusively – liberal politicians have succeeded in convincing many Americans that they have a “right” to “benefits” and a “fair share” in the “rich” tax. “Not paying.
In fact, the federal government again collected a record $ 1.86 trillion in total taxes in the first five months of 2022. Revenue is not the problem. The cost that gave us a $ 30 trillion (And calculation) Debt problem.
We cannot say that we have not been warned about what unmanaged debt can do for nations. People are terrified of government loans.
Writing in the winter edition of Peter Wehner and Ian Tufts National issues Concerned neo-hippies and their global warming, i’ll tell ya. About the possible consequences. These experts warned that large annual deficits and debt problems could cause catastrophic consequences, including: prolonged recession, rising interest rates, rising inflation, declining volatility, a weak dollar, a sinking stock market, and massive foreign sales. Government holdings of the U.S. Treasury, the collapse of the financial system and the general economic and social catastrophe. If the federal government fails to regulate its financial house, they have warned that it will increase. “
Like many constitutions, many on the left and right have ignored history and sage advice in the field of economics. We can only repeat that history if we do not discipline our economic house. This will require more Americans to take care of themselves and commit less to the government, and this will mean choosing people who will heed the warnings and advice of the people quoted above.
I am not optimistic that such advice and experience will be considered in the context of human nature. Many people want to get a check rather than earn a check.
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