NOBODY’S TALKING ABOUT THE DEBT
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WHAT THE TITANIC CAN TEACH US ABOUT THESE PRECARIOUS TIMES
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NOBODY’S TALKING ABOUT THE DEBT
Where has all the money gone? . . .
No one really knows. Few seem to care.
I left the private sector in 2010 to campaign for the U.S. Senate. I began serving in 2011, when the country’s total national debt was $14 trillion. At $28 trillion, it is now double that, with trillions more guaranteed to be added over the next few years.
In the private sector, we often have to remind ourselves to celebrate success because competition forces us to focus on solving problems and striving for continuous improvement. In government and politics, members of both parties love to celebrate bipartisan spending boondoggles, but few are willing to question—much less accept responsibility for—the harmful consequences: financial dependency, deficits and debt.
Emergency spending bills in the midst of crisis provide the best examples. The $800 billion American Recovery and Jobs Act of 2009 wasted money on gems like Crescent Dunes and Solyndra ($1.2 billion between the two, with zero jobs created). President Obama famously touted this bill, saying it would fund “shovel-ready projects” and create millions of “green” jobs. Later, Mr. Obama sheepishly admitted the projects weren’t very shovel-ready. Probably less than $100 billion of the $800 billion total was spent funding “infrastructure,” even using the most generous plausible definition of the term.
I have no doubt that President Biden’s 100% partisan $1.9 trillion American Rescue Plan and $2.25 trillion American Jobs Plan will be similarly unproductive. But like roosters taking credit for the dawn, Democrats will claim credit for a strong economic recovery in 2021 that will happen with or without these tax-and-spend blowouts. . .
Taking credit for the good and denying responsibility for the bad is a bipartisan habit. The first five Covid relief packages prove this. In order of passage, these bills authorized $8.3 billion, $192 billion, $2.2 trillion, $484 billion and $868 billion. Add the estimated cost of tax credits, and the amount of Covid-19 relief authorized in 2020 totaled approximately $4 trillion—18.7% of 2019’s GDP. . . .
Demonstrating a small measure of restraint, the $868 billion bill, passed in December, actually repurposed $600 billion unspent from the previous bills. When Mr. Biden’s American Rescue Plan was passed, approximately $1 trillion remained unspent from the first five relief bills. But that didn’t restrain Democrats from authorizing $1.9 trillion more.
At the beginning of the pandemic-induced recession, it was imperative that Congress act swiftly and massively to prevent financial market collapse and provide help to individuals and businesses harmed by shutdowns. . . .
Once spending fever broke out, it took only a few days for that to balloon into the $2.2 trillion Cares Act.
No one will ever know how much was disbursed to people and businesses who didn’t need it. . . .
What about the devastating impact of ultralow interest rates or inflation on people living on fixed incomes and at the bottom of the economic pyramid?
Mr. Biden is now talking about trillions more for infrastructure, green energy and “equity”—whatever that means. I’m not sure how much infrastructure would actually be built with these trillions, but I’m certain that government would grow and become far more intrusive. History proves that would not be good for individual liberty, economic opportunity or American families.
President Lyndon Johnson’s Great Society programs were passed on the promise they would reduce poverty and strengthen the fabric of society. Although it is impossible to spend trillions and not do some good, data suggest these programs also did a great deal of harm. . . .
Fifty years later, 40% of all births occur outside marriage, deaths by suicide and drug overdose are rising, society is being torn apart by divisive forces, and many believe we need to spend trillions more to redress long-held grievances. It sure doesn’t feel like we’re better off. Rather than decreasing dependency, I would argue the Great Society increased it by weakening American families.
Politicians of both parties whistle past this societal wreckage as they look for new excuses to spend even more money we don’t have. They will celebrate their well-intentioned efforts and ignore the harmful consequences. What will those long-term consequences be? How will debt be paid? . . .
What do you think will be the long-term consequences of this surmounting debt? Why is it going unnoticed? Discuss in the comments below!
(Excerpt from WSJ Opinion. Article by Ron Johnson. Photo Credit: Canva.)
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Accountability is not in the vocabulary of the federal government. The government should be accountable for their spending packages. Since OBiden took office, he “passed” trillions upon trillions of spending packages, with nothing to show for it.
Their agenda is to bankrupt the United States.
Pray for our nation! The United States can still be a great country!
The real extent of the national debt must be exposed. The US government does not report on an accrual basis , so the true debt is vastly understated, and the unrecorded liabilities are only in the footnotes of the financial statements of the United States of America. They are not properly stated in the financial statements themselves. Their auditors have said there is insufficient evidence to present an audit opinion. Please read this from the AICPA,. https://www.aicpa.org/advocacy/cpasinsight.html
The Lord is saying there will be a
massive e return on that which has been spent. Much like that of the parting of the Red Sea. Fist the parting and the Crossing Over then the reverse and the waters closing over those in pursuit..
Right now we are on the verge of a economic collapse and I believe this is exactly what Mr. Biden and Barack Obama are doing. The Democrats are pushing for the New World Order or what ever you what to call it, a dependence on the the government to control us all. Only God can save us from the evil acts of the Democrats
Heavenly, Everlasting Father, upon Whose shoulders governments sit – Please help our government to reduce and eliminate all excessive debt and spending- for the borrower becomes the lender’s slave! Help our government to address the out of control burden of federal debt in such a way as to get rid of it (especially with respect to future generations!) – WITH LESS AND BETTER SPENDING! Let your people refute every tongue that rises against you or any aspect of Your will. In Jesus’ name!
Lord God have mercy on this nation. I pray You will bring to a halt the ridiculous overspending that has rapidly increased and seems set to continue. Money is being spent indiscriminately in an ad hoc manner bringing small relief to some and pocket money to others. I ask You will bring an end to this madness and commonsense to those charged with looking after this nation.