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
By 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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