–The size of the US economy has been surpassed by the country’s $31 trillion national debt.
-The public debt is a public curse. The Public hopes to see a better solution from their leaders.
-Some invest their confidences on the Republic, while others put no credence.
“Public debt is a public curse,” declared James Madison. Legislators have been arriving to Washington with the intention of reducing the size of the government for far too long, only to give in to the temptation to gain support by implementing expensive projects.
We the People have been submerged under a nearly unfathomable $31 trillion national debt as a result of this strategy, which has surpassed the size of our entire economy and has trillions more coming. Taxing families too little is not the root cause of these mind-numbing deficits. American taxpayers will actually pay $4.8 trillion in federal taxes this year, which is nearly $1 trillion more than what they paid in prior years after inflation.
In the meantime, President Biden has indeed authorised significant expenditure initiatives, such as a $1.9 trillion “stimulus,” a $1.2 trillion “green infrastructure” bill, a $500 billion “ObamaCare advancement and climate bill,” and most recently, an executive order authorizing the spending of $600 billion to restructure student loans.
The bipartisan Committee for a Responsible Federal Budget estimates that the total amount of new spending under this administration is close to $5 trillion. Hold on, things get worse! Washington is on track to borrow an additional $16 trillion over the following ten years and a staggering $114 trillion over the following three decades.