[ April 23, 2024 ]
Joe Biden will certainly take no action to reduce America’s staggering debt, since Joe Biden is running on spending massively. In fact, while in power, Obama and Biden accumulated more debt for the United States than all of the previous administrations combined. Furthermore, Obama and Biden could only achieve negligible growth in their eight years in power, despite the massive spending. Reducing America’s debt must be a priority for President Trump in his second term. And President Trump is the only one who can make this happen. Trump will have to go to the American people and sell a debt reduction plan, since reducing government spending will be a non-starter for the Democrats.
— Nikki Haley (@NikkiHaley) August 3, 2020
A Day Of Reckoning Is Coming With The National Debt
Story continues below advertisementBy Medium.com, August 3, 2020
I‘m often asked about America’s biggest challenges.
On the world stage, communist China tops the list. Closer to home, the coronavirus pandemic is the most urgent issue. But there’s also a massive fiscal challenge that we face — a crisis we’ve overlooked for a long time and that’s gotten far worse in recent months. It’s the federal government’s spending addiction.
The national debt is closing in on $27 trillion. As it skyrockets, it hurts our country’s ability to deal with all the other challenges we face. The higher the debt, the harder it is to build a booming economy that creates more jobs and higher paychecks for working families. The higher the debt, the harder it is to stand up to America’s adversaries, from China to Russia to North Korea to Iran. The higher the debt, the harder it is to fulfill our promises, and pursue our dreams.
Every American should be seriously worried that the United States is spending far more than we can afford. If the federal government doesn’t stop the spending spree, America will soon find itself poorer, weaker, and smaller in every way.
The coronavirus pandemic has brought this crisis back up. At the start of this year, the federal government was already on track to spend at least a trillion dollars more than it took in. Now, after multiple rounds of pandemic relief, we’ve added more than $3 trillion to the national debt in just six months. Another couple trillion could come before the year is out. America is on track to blow past the debt peak we set in World War II.
Of course, this crisis existed well before the coronavirus pandemic.
When I first ran for office in 2004, the national debt was more than $7 trillion. That was unheard of at the time.
When I was elected Governor of South Carolina in 2010, federal debt had nearly doubled to more than $13 trillion. Some of us thought that was crazy.
Today, just ten years later, the national debt has roughly doubled again, hitting $26 trillion in June.
At this rate, America will hit a stunning $30 trillion in debt sometime next year, if not sooner. That’s well over $200,000 owed by every taxpayer in the country. Someone has to pay that bill. That someone is us.
It’s tempting to look at these numbers and think that we won’t have to pay it — that America can just go on over-spending forever. After all, we’ve been doing it this long. What’s the problem with another 10 years and $10 to $20 trillion?
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22 Comments
3 years ago
There’s one method of “getting debt under control” that candidate Trump talked about, although, understandably enough, he hasn’t said much about lately:
You take a haircut.
Now I’m all in favor of China having a nice haircut, but we do need to think about the fallout to ourselves and other more-or-less free nations. A default by the US Treasury just might raise interest rates a tad on government bonds, perhaps forcing Uncle Sam to live on a pay-as-you-go basis (wouldn’t that be a horrible thing?).
Meanwhile, President Trump has done a pretty good job of racking up the debt, a condition made much worse by CoVID-related “stimulus”. Here is a pithy look at Uncle Sam’s current financing needs:
The article ends with an understatement that Americans should find chilling:
The bottom line: with Treasury yields plumbing all time lows, it is only reasonable that the US Treasury will flood the market with as much new debt as it can handle… and then some. And as long as yields keep sliding (thanks to the Fed monetizing virtually all gross issuance), the Treasury will keep increasing its auction sizes until one day it hits the tipping point.
I wish I knew when that tipping point would arrive.
3 years ago
“Reducing America’s debt must be a priority for President Trump in his second term.”
While I do realize President Trump has had a bunch on his plate, reducing the debt doesn’t seem to be even close to a priority. Buckle up America, the road ahead is going to get bumpy…
3 years ago
Reply to
MAS
How can he reduce debt with Demonrats in congress dictating where they allow spending on ?
No to wall but Trillions on wastefull expenditures .
3 years ago
Reply to
MAS
Yes he CAN! But he won’t, and that is the TRAGEDY that will bring American down.
After he signed the Omnibus bill in the first month of his presidency, he said loudly, on camera, “Never Again!” But he has signed 3 more since then and the last one for $3 TRILLION is the straw that broke the camel’s back. Yet Congress wants to pass ANOTHER one for $3 Trillion! This country is flat out BROKE and will NEVER be able to pay of it’s debt! Right now, it can’t even pay the INTEREST on it!!
In November, whether Trump wins or not, America will crash and it will never recover. Get your affairs in order and keep your loved ones close!
3 years ago
Reply to
Suresh
when bob dole was running the house and the muslim and the dems controlled the white house and senate, he whined that he couldn’t get anything done because he was just 1/3 of that tritecta. when pelosi runs the house, she runs DC. proof positive what pussies the repubs are.
3 years ago
Reply to
tituspullo
Pelosi has more numbers and they are united unlike scumbag RINO’s like Mc Cain, Mitt Romney etc
3 years ago
Reply to
MAS
Not ONLY bumpy, but disastrous!! Major economic people have said that at $24 TRILLION of debt, the system will crash and will never recover. We’re now at $26.5 TRILLION and Congress wants to praint another $3 TRILLION for all their cronies! Get your affairs in order because no matter WHO wins in November, there will be a depression that will bring America to it’s knees and it will NOT recover. Not because of Trump, but because of Congressional spending. We have less than 3 months to get our lives prepared for what is coming.
3 years ago
A child can run the economy better than the left politicians.Trump is right to get the debt under control, than printing more money. Never spend what you do not have.
Many people have learnt the hard way and cut up their credit cards. Credit is very dangerous in wrong hands sending many broke and onto the streets, just like many who play the Pokies thinking they will get rich but robs them of their processions.
3 years ago
who is buying our worthless IOU’s that pay no interest? anyone know? from what i can glean, congress borrows money from the Fed to spend more than we make, and the Fed “buys” the debt and print out funny money that makes the dollar in my pocket worth less. Am I missing something here? Anyone out there smart enough to explain this better in a few sentences with a big crayon?
3 years ago
Easy to preach when you got out of government to make your millions. I know who the 1st female President is going to be and it’s not Nikki Haley. The Republican who is becoming the conservative star is Kristi Noem.
3 years ago
Been hearing that since Reagan. Get back to us when somebody takes it seriously, and actually cuts some spending.
3 years ago
Let’s just point out that it’s not just Democrats… $7 trillion of that doubling of the debt has come through the current Republican administration in just 3.5 years! And there’s more to come.
3 years ago
As my Mom used to say, “You can’t spend yourself rich.”
3 years ago
Well, peeps, I got news, we’re already screwed. no way around it, but thinking that was the plan to start with. Thinking that a big part of this whole thing was to spend as much $$ as possible to get us in as much debt as possible, and collapse us. done a good job of it as well, and it’s going to happen, no doubt in my mind, and don’t give a damn who wins the election. I could take the time to explain this, but don’t want to spend the next 15 minutes typing.
Either way, they need to collapse the system to bring about a few changes either way. Monetary system we have now needs to be changes to a form they can better control, and by that I mean control the people with. Something electronic, more like bitcoin, cashless. If you have been watching, they have been making moves in that direction, stores not taking cash in some places, citing corona, or just not giving change, trying to get you to use plastic, citing corona, same thing, playing you. Same with the bus system all across the country, getting that pass system going using your phone or a card you dump $$ on to ride the bus now, rather then buying ten ride tickets or a monthly pass or using cash per ride.
Little bit at a time they have been getting it ready, and have been trying to brace is for this. Chip is coming a bit at a time.
3 years ago
I would eye Nikki very close she’s not even close to the darling conservative most think she is .
3 years ago
THE SOLUTION FOR THE NATIONAL DEBTS OWED TO MAOIST CHINA AND THE GEORGE SOROS-IAN GLOBALIST BANKING CLIQUE BY NATIONALIST GOVERNMENTS IS EASY! ABROGATE THE DEBT FOR THE UNJUST INTEREST AND IN MAOIST CHINA’S CASE, BACK CHARGE THEM FOR THE SOCIAL COSTS OF THEIR COVID 19 AS WELL AS THEFT OF OUR TECHNOLOGY, ETC SINCE WE ALLOWED THEM TO COME INTO EXISTENCE BY SCREWING OVER THE JAPANESE IN THE 1930’s WHO WERE DOING US ALL A FAVOR! BANKING AND FINANCE SHOULD BE TIGHTLY REGULATED AND CONTROL OF NATIONAL CURRENCY CONTROLLED BY NATIONALIST GOVERNMENTS FOR THE GOOD OF THEIR NATIONS! SUPER SUMMER, RIGHTISTS!
3 years ago
Obama…..” We have only 5 more days before we will fundamentally change America”. How do you like his changes now, America ? You voted him in for TWO terms and look where you are now. You have sown the wind and are “reaping the whirlwind”. And you ain’t seen nuthin’ yet. Current riots and anarchy will grow into a civil war, along with a financial collapse. USA is not mentioned in end-time prophecy, though every other major Empire in history is recorded there in great detail. It doesn’t really matter who wins the election. The Leftiist/Marxist/Communist Socialist Democrats and their puppets, Antifa, BLM and 200 other radical groups, under the instruction of the Global Elites (Soros, Gates, Bilderberg et al ) WILL bring an end to the greatest Empire ever built by man, because the God of Abraham, Isaac and Jacob orchestrated it. Then America kicked God out of their schools, offices, government and everything else, and God said, OK, if that’s the way you want it. Have it your way but know that I am coming back to judge you, and the entire world. ( This is total destruction and the death of some 5 billion people in the last 3;5 years of the 7 year Tribulation Period). You do not want to be here for that.
That was 2,000 years ago, and He is just about ready to come and take His ‘believers’ home, then He will clean up the mess that man has made of His creation, bring an end to this insanity and set up HIs Kingdom in Jerusalem where He will reign for a thousand years.
If you want to know how to avoid what is coming very soon, just ask me. 🙂
Rev. Roy…….<><
3 years ago
Haley is a typical politician. She is afraid to get into the details of “the why this is bad and how to fix it”. What will/could our debtors do to us, who are our debtors, is all the debt owned by foreigners???
How do we fix it?? If you can’t approach that….why bring it up??
I could have written that silly 2nd grade level “speech” of hers. Just another Republican.
