The federal government appears determined to bankrupt the country with massive deficit spending.
With an October shortfall that topped $165 billion, the once fiscally conservative U.S. is barreling toward the second-largest annual shortfall in history at $2.77 trillion.
Compounding the outrageous 2021 spending spree, Joe Biden recently signed a $1.2 trillion “infrastructure” package that funds unnecessary left-wing pet projects at a time when everyday Americans are battling 30-year high inflation.
Heading into 2022, Democrats are determined to pass the Biden Administration’s so-called “Build Back Better” agenda that will add another $1.9 trillion to the nation’s out-of-control deficit spending.
In a desperate move to avert Democrats from adding the unnecessary $1.9 trillion spending package to a national debt that exceeds $28 trillion, House Minority Leader Kevin McCarthy delivered a marathon speech highlighting liberal pork spending measures that do not serve the national interest.
After holding the floor for a record 8 hours and 33 minutes, McCarthy delayed a partisan vote knowing Democrats could send the package to the U.S. Senate and, potentially, put even more unprecedented debt on future generations.
“Never in American history has so much been spent at one time. Never in American history will so many taxes be raised, and so much borrowing be needed to pay for all this reckless spending. From bank surveillance to bailouts, this bill takes the problems President Biden and Democrats have already created and makes them much, much worse,” Minority Leader McCarthy reportedly said, calling the spending bill the “single most reckless and irresponsible spending bill in our nation’s history.”
House Democrats passed the $1.9 trillion Build Back Better deficit spending bill Friday, Nov. 19, despite McCarthy’s impassioned speech. Should the bill pass the Senate ad reach Joe Biden’s desk, it would likely push the country across the $30 trillion national debt threshold.
The national debt had been in decline until the 9-11 Attacks and the ensuing 20-year war on terrorism in the Middle East. A string of crises that included the Great Recession and pandemic prompted additional borrowing.
However, with the virus largely in retreat and the economy coming online, the Build Back Better borrowing appears to be a frivolous waste of taxpayer money that will be paid back with interest.
In 2021, upwards of $30 billion was spent on interest alone, and 2022 is shaping up to require even higher non-principal allotments of money that provide zero benefits or services. Amidst America’s death-by-a-trillion-deficit-paper cuts, the country barrels headlong to a Dec.15 debt ceiling deadline.
Senate Minority Leader Mitch McConnell indicated he would tap the brakes on by enlisting fellow Republicans not to raise the country’s debt ceiling. Such a move could, again, cause a government shutdown and send the U.S. into default.
“We have a responsibility to be the adults,” West Virginia Sen. Joe Manchin reportedly said. “We should not have these artificial crises.”
Lawmakers have reportedly set aside the debt ceiling upwards of 79 times since 1960. All indications point to the two major parties coming to an agreement that will continue to heighten a national debt that has become untenable.
The staggering borrowing figures boggle the mind and often leave people wondering whether the federal government possesses an exit strategy. Unnecessary spending such as the Build Back Better package proves that Washington, D.C., elites have grown out of touch with working families.
Even without making a dent in the principal, $30 billion in annual interest payments, endless borrowing hamstrings the U.S. economy and wages.
According to wide-reaching analysis, the national debt stands at more than 125 percent of America’s GDP. To put that in perspective, it would be the equivalent of a working family borrowing 125 percent each month of what they earn. It wouldn’t take long for regular people to find themselves in bankruptcy court.
Economists largely agree that national debt above 60 percent suppresses the economy and makes it nearly impossible to expand the economy and grow the tax base. It’s a lot like taking out a series of payday loans, and then your hours get cut.
Without factoring in the massive $1.9 trillion debt congressional Democrats hope to make law, every American is on the hook for $86,985 heading into 2022, and that individual debt keeps rising.
The Congressional Budget Office estimates that unless federal spending is brought to heel, the national debt could exceed $140 trillion by 2050.