AP Photo/Patrick Semansky
By Casey Harper, The Center Square
The national debt hit another milestone this week, and experts are warning that continuing to increase federal spending will have dangerous consequences.
The federal national debt has now topped $30 trillion, marking a sharp rise since 2001, when it was about $5 trillion. The federal government surpassed $20 trillion in debt less than five years ago.
Republicans blasted the Biden administration over the landmark, though both parties have steadily increased the debt over the past two decades. A contingent of lawmakers have called for significantly cutting federal spending since the upturn in debt began but have gained little traction.
“Our National Debt has officially surpassed $30 trillion, but Biden and Democrats want to keep borrowing, printing, and spending until the US dollar is worthless!” U.S. Rep. Mary Miller, R-Ill wrote on Twitter after the U.S. surpassed the milestone figure.
White House Press Secretary Jen Psaki responded to a question about the rising debt level Wednesday.
“The president believes we need to have a sustainable and responsible fiscal policy which is why he put forward ways to pay for his major proposals,” Psaki said. “He is committed to a sustainable and responsible policy and ensuring that our long term investments are fully paid for like Build Back Better.”
Spending spiked last year, though, when President Joe Biden pushed two major spending bills through Congress as part of his agenda. Congress also raised the debt ceiling multiple times last year
“In September our national debt was $28 trillion,” said U.S. Sen. James Lankford, R-Okla. “In just 4 months, our national debt has hit $30 trillion. As a time comparison, 28 trillion seconds is 887,852 years, 30 trillion seconds is 1 million years. Democrats’ spending is out of control [and] harming future generations.”
U.S. Sen. Joe Manchin, D-W.V. repeatedly cited poor economic conditions and debt levels in his opposition to President Joe Biden’s “Build Back Better” spending bill.
“I cannot take that risk with a staggering debt of more than $29 trillion and inflation taxes that are real and harmful to every hard-working American at the gasoline pumps, grocery stores and utility bills with no end in sight,” Manchin said in December after helping block the bill in Congress. “We are also facing increasing geopolitical uncertainty as tensions rise with both Russia and China. Our ability to quickly and effectively respond to these pending threats would be drastically hindered by our rising debt.”
That plan came on the heels of two laws that passed last year, the $1.9 trillion COVID relief bill and the $1.2 trillion infrastructure bill.
“U.S. Debt just hit $30 trillion, or as Joe Biden calls it: $0,” said U.S. Rep. Lauren Boebert, R-Colo., apparently referring to Biden’s claim that his multi-trillion dollar social spending plan would add nothing to the federal debt.
Congress’ latest debt ceiling increase lasts through the 2022 November elections. When that is maxed out, though, lawmakers will again face a debt ceiling deadline.
“This is a disservice to our children and grandchildren,” said Rep. Mike Waltz, R-Fla.
Sheila Weinberg, president of Truth In Accounting, argues the federal debt is actually much higher and more dangerous.
“The Treasury Department’s reported debt doesn’t include the Social Security and Medicare liabilities. If those liabilities were included, a $30 trillion national debt amount was reached years ago,” Weinberg said. “According to Truth in Accounting, if those unfunded obligations are included today, the debt is more than $141 trillion.”
Weinberg said the Federal Accounting Standards Advisory Board does not require the U.S. Treasury to include retirement benefits owed to seniors in its debt calculations, “based upon the belief that Congress can change the law at any point in time and take away everyone’s promised benefits.
“Government officials and Congress do not highlight the true national debt, that includes the liabilities related to the Social Security and Medicare obligations because the number is so big and unsustainable,” Weinberg said. “If people understood the precariousness of these promises, then seniors would be marching on Washington.”
Categories: National News
What’s that old saying about doing the same thing over, and over again, and expecting different results ? Another example of the insanity continuing.
At 78 years old, 1/we have paid our personal debts in full.
They, Them have NOT paid Gov’t, National and State,debts and have spent the nation into unpayable Bankruptcy.
Our next generation is going to be the deadly victims of USA’s demise.
Have wwe? We have! put an impossible debt on our kids and grands.
What the majorities, and their politicians, have done is criminal.
Does anyone remember when our goal was to have a National Balanced Budget? It also is within memory, before revolving credit cards, when what you earned, was no more than what you spent. A home mortgage would be a possible exception.
There is no borrowing and no printing.
The US government is in deficit-spending mode
Assume the deficit is $1 trillion in any given year
The US Federal Reserve Bank declares it has $1 trillion, and gives it to the federal government, so it can continue spending
The federal government gives an IOU to the Federal Bank.
No new US bonds are issued, because the amounts would far exceed demand by investors.
That is how the US national debt is financed, during war and piece time, all $30 TRILLION OF IT.
THE FINANCIAL MARKETS ARE NOT INVOLVED
EUROPE AND JAPAN NATIONAL BSNKS DO EXACTLY THE SAME.
The Democrats taking over the federal government in 2020, has and will cause huge damage to the US, from which it will be difficult to recover
A good example of damage is the outrageous, country-destroying, “just walk-in, anybody from anywhere is welcome” southern border, to purposely change the demographics of the US in favor of Dem/Progs
The black-out problem Texas experienced, due to a cold spell a year ago, lasting just a few days, compared to FOUR years of open borders, is like a mouse to an elephant.
It is absolutely imperative to vote these incompetent, socialistic, communistic, un-American imposters out of office in November 2022
We have to:
1) Turn out EN MASSE, to offset any and all election shenanigans, perpetrated by desperate Democrats, to hold on to power, plus
2) Enough people must turn out to witness and record, on video, any and all suspicious election events, AROUND THE CLOCK; give them no breathing space.
We have to:
1) Ban ballot drop boxes to reduce fraud opportunities
2) Ban mail-in voting to reduce fraud opportunities
3) Sanitize the registered voter lists
4) In Democrat-controlled cities “vote counting” is done primarily in Democrat-dominated vote counting centers, staffed by “trusted” Democrat operatives. We must insist, all “vote counting centers” be staffed with an equal number of Republican and Democrat vote counters and observers.
These are the four most egregious election system flaws, that enabled the Democrats to get “elected” in 2020, and likely in prior elections as well.
This THIRD WORLD sordidness has to end, before it will ruin the US
I listened to an interview with Austan Goolsbee, the former chair of the Democrat counsel of economic advisers, on Trey Gowdy’s 2-6-22 Sunday Night show, and one of his remarks about the future was telling.
https://www.fox.com/watch/1423d361b8c260382bc3a6ecdf2ee6c7/
“We know the population is getting older. And so, we are going to have a bunch of expenses through Social Security and Medicare that are going to make government spending go up if we do nothing. And if you couple that with less immigration, so the population isn’t going to grow that fast, that makes it harder, you’ve gotta make tougher choices, either taxes gotta go up more than they’ve gone up before, or people gotta give up benefits that they pretty much thought they were promised by the government. And that’s where the hard part is.”
Does it occur to anyone that there are three ‘tough choices’ that can solve this ‘difficulty’?
First, allow unbridled immigration to replace older workers and those simply not willing to work, so the revitalized and typically lower income workforce can contribute to the Social Security system. Second, well, … facilitate a decrease in the population of those older retired citizens who won’t vote to “…give up benefits that they pretty much thought they were promised by the government”. And third, if those older retired citizens (a fast-growing demographic majority) won’t vote to cut their benefits, rig the elections.
Is this dystopian mindset unthinkable? Think again. This Forbes report from a year and a half ago, while being walked back to some extent in subsequent reports, is still available online. Clearly, some people are considering the pros and cons of our current economic circumstance in ways that others of us may find repugnant.
Covid-19 Deaths Will Lessen Financial Hit To Social Security From Recession, Says Agency’s Top Actuary
https://www.forbes.com/sites/tedknutson/2020/07/17/social-security-financial-health-to-be-helped-by-coronavirus-deaths-says-agencys-top-actuary/?sh=748879f328c9
An outlandish and irresponsible conspiracy theory you say? You be the judge. It’s not as though this hasn’t happened before in our recent history. What we’re witnessing is what it is.
Praemonitus praemunitus.