What’s Another Few Trillion?
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What’s Another Few Trillion?
President Joe Biden signed an increase to the debt ceiling yet again this week that will put the nation well over $30 trillion in debt.
Republicans do it. Democrats do it. Both parties have engaged in a cycle of federal debt spending that has taken us from 5.6 trillion in debt in the year 2000 to nearly $30 trillion in debt in 2021.
At the same time, in the last decade, our national debt has surpassed the nation’s Gross Domestic Product (GDP.)
GDP essentially gauges the size of the American economy.
Currently, the debt is about 125% of GDP.
Insider Intercessory Information
Why does this matter?
Other than the danger to the future of our nation, this issue plays directly into the debate over Biden’s “Build Back Better” bill.
You see, Democrats are using a little-understood accounting trick to make the legislation appear much cheaper than it actually is. People inside the Beltway like me understand how it works, but members of Congress are counting on Americans’ ignorance of this process.
Lawmakers add “sunsets” into legislation. They promise that a federal spending program will only last a few years in the legislation, which keeps the cost estimates low, but they fully intend to renew those programs when they expire.
Understanding this one way in which Congress works in this way will make you a much more sophisticated reader, and prayer warrior.
Don’t take it from me. Take it from the Committee for a Responsible Budget, which said the plan is full of accounting “gimmicks.”
“Arbitrary expirations don’t make policies cheaper, they just make them shorter – and sooner or later politicians will have to come to terms with how to address these new benefit cliffs,” said Maya MacGuineas, president of CRFB.
To expose this, Republicans requested the Congressional Budget Office estimate the cost of the bill without these “gimmicks.”
The answer? This one piece of legislation would add another $3 trillion to the debt over roughly the next decade.
Now, there are no official estimates on this, but you can imagine that if you extended the program another ten years, it would likely be more than twice as expensive.
The federal government is already over its head in debt, and Congress seems disinclined to change its ways.
Both parties have been a part of this damaging cycle in recent years, and there appears no end in sight.
We need an intervention from God.
With that in mind, let us pray:
Father, we as that You deliver us from the slavery of debt, that our nation would not be locked in the bondage of endless debt and interest payments that steal the prosperity of future generations.
Father, we ask that You give courage to members of Congress in both parties to stand up and put an end to the cycle of reckless spending that has landed us in this hole.
Lord, we ask that You bring that same mindset to the American people, that we would not be enslaved to credit cards and car payments. We ask especially that You deliver the Church from reliance on debt so we can have more authority to speak out on this issue in the public square.
Verses to press into as you intercede on this issue:
The rich rules over the poor, and the borrower is the slave of the lender. (Prv 22:7)
Owe no one anything, except to love each other, for the one who loves another has fulfilled the law. (Prv 13:8)
For the Lord your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you. (Dt 15:6)
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Casey Harper is a writer in the Washington, D.C. area covering national politics. He has worked for The Daily Caller, The Hill, and Sinclair Broadcast Group. A graduate of Hillsdale College, Casey’s work has also appeared in Fox News, Fox Business, Washington Examiner, and USA Today. Follow him on Twitter: @CaseyHarper33.
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Thank you for this well-written article. I’m praying!