Blog #10: “America On Path to Bankruptcy”
The U.S. National Debt has exploded in the past decade to unheard-of levels. We have passed $31.5 Trillion in debt and climbing fast. Due to recent spending bills by the Democrats in 2021-2022, the situation will be irreversible for the next decade at least, assuming that something is done to reduce spending. But that does not look remotely possible.
The fact is our spending is simply not sustainable. We cannot continue printing money with abandon. The result will inevitably lead to a worldwide calamity - an economic depression that will last for many years.
Consider this excerpt from the Washington Examiner’s article:
“During his State of the Union speech, Biden blamed the high national debt on the Trump administration. This deflection has a kernel of truth — deficits were too high from 2017 through 2020 — but removes all context. The bulk of Trump-era deficit increases were the result of bipartisan spending bills such as the CARES Act of March 2020 and excessively large appropriations packages.
Democrats also attempt to blame deficits on the 2017 tax cut, but tax revenues now actually exceeded projections made before that bill’s passage and in 2022 were at a multidecade high as a share of the economy.
The bottom line is that the debt is too high, the long-term budget outlook is dismal, and both parties recklessly have made this problem worse over the past 20 years. Accordingly, both parties need to take the issue seriously and prioritize the nation’s financial health.”