25 January, 2023 by Eric Dunkelberger
For purposes of illustration, let’s assume a family has a bank charge card with a limit of $31,000 and it is now maxed out. The family has income coming in, but, for every $100 coming in, $129 goes out. They have a couple of debts that are coming due within a few months. Things are looking bad. They decide to call the bank to see about raising the card’s limit.. The bank tells them they need to have a serious discussion! There has to be changes made in their finances. This is how a family loses everything!
But, we’re not talking about a family in reality. Actually, we’re talking about the US Government. Instead of being in debt to the tune of $31,000, the National Debt is now over $31Trillion ($31,000,000,000,000) and we’ve just recently hit our debt ceiling. We’ve got about six months before we start defaulting on loans. The income to spending is still valid in reality. Now, historically, our elected officials play around until the last minute, then raise the debt ceiling so they can keep on spending recklessly. Kicking the can down the road doesn’t work. Sooner or later, it catches up to you.
However, now, thanks to a few Conservatives who stood up to Establishment members in the House of Representatives, demanding an end to business as usual. We can no longer just spend without repercussions. Biden, through his handlers, has said there is nothing to talk about; just raise the debt limit. Hopefully, Speaker McCarthy will stand his ground. There needs to be serious discussions about rampant (and corrupt) spending. Sen Mitch McConnell has already begged off, saying this is a discussion between Biden and McCarthy, effectively throwing the Speaker under the bus. McConnell has never seen a debt ceiling he wasn’t willing to raise!
When Biden took office, the National Debt was around $28.5 Trillion. The economy was returning to normal, slowly. It was being dragged down by DemSocialist policies keeping Blue states under lockdown and, later, by paying people to stay out of work. One of his first actions was a $1.7 Trillion Covid spending bill. Spending soared from there. It was wasteful spending bill after wasteful spending bill.
The Border Crisis is a national security risk. The National Debt is also. The cost to every citizen because of this debt is $94,250. But it won’t be paid by every citizen; the cost to each taxpayer is $246,867. Inflation increases with each dollar spent by the Federal Government. It’s not Putin’s fault; it’s not even Biden’s fault entirely. But, what happens at this juncture depends on Biden. All parties need to come to the table and talk. A blank check to the DemSocialists can not happen! James Madison said, ” I go on the principle that a public debt is a public curse and in a republican government more than in any other.” I agree. So get busy and now instead of later!
marjarhead1 