Op-ed views and opinions expressed are solely those of the author.
Looking for something serious to worry about? Forget about all this impeachment and global warming stuff, the coronavirus, and terrorism. Got a new one to deprive you of your night sleep.
The U.S. public debt now amounts to more than $23 trillion. If you can’t quite get yourself around that number, try this: a stack of hundred-dollar bills on your kitchen table is 40 inches high, and it’s worth over a million dollars. To make a trillion dollars, your stack of hundred dollar bills would be 670 miles high. That means, visualize this, to get to $23 trillion, your stack of $100 bills would be 15,400 miles high. If you put 23 trillion one-dollar bills end-to-end, it stretch to the moon and back more than three times.
Expressing it in human-sized quantities, the current U.S. debt, per capita, is about $75,000 per man, woman and child in our population. If we throw in unfunded obligations, the figure rises to $240,000 per person. This figure has been rising about $10,000 per year for the last several years. Within five years, the cost of paying just the interest on our national debt will exceed the cost of our military spending.
Here’s something even scarier: if we add up all the U.S. unfunded liabilities– that’s mandatory payment obligations the government owes (and is required to pay in the future), but money the government doesn’t have– we get an additional $127 trillion. These costs are for Social Security, government pension plans, Medicare and Medicaid, federal employee and veteran benefits, interest on the federal debt, state and local government debt (excluding pensions).
Now let’s add the amount of corporate debt, which is $15.5 trillion, and consumer debt at $13.9 trillion. This adds up to disastrous news, folks. There will come a time when the ticking time-bomb of total debt will come due and engulf us.
The government deficits and debts have been caused, not by a shortage of taxes, but by leftist members of Congress pushing for excess spending and welfare. And the really alarming part is that the federal deficit is this high in the 11th year of a very long economic expansion. What’s going to happen when the music ends and the next economic recession hits?
And now it appears more debt may be piled on top of current debt: Presidential aspirants Bernie Sanders and Liz Warren are advocating fiscal debauchery, for Medicare— “everyone agrees that their (Medicare-for-all plan) cost will be at least $32 trillion over 10 years”. A Green New Deal would cost at least $3 trillion more. Pete Buttigieg, with his Gray New Deal, is not far behind– his government spending proposals will cost $7 trillion, says the Wall Street Journal. The end result of leftist spending plans will bust federal budgets and destabilize markets.
More proof? Warren plans to increase costs to expand housing programs ($500B), a “right” to child care ($700B), health care, K-12 education ($800B), free college ($610B), student debt forgiveness ($640B), opioid crisis ($85B) centralized elections ($20B), “health professional shortages” ($25B) and “startup capital for entrepreneurs of color” ($7B). Total cost of Warren’s government expansions, which you and I will be asked to pay for: $3.39 trillion. Better not dismiss these numbers as fanciful. Warren and Sanders have concluded they have sufficient political support to vie for the top spot in the Democratic Party nomination. The Wall Street Journal believes they, especially Warren, have a plan to get it all enacted, if elected: The Democrats will fight to win the Senate in 2020, giving them control of both houses of Congress, then the Dems will “Kill the legislative filibuster, so she can pass her agenda with a simple Senate majority”.
This will mean a dramatic transformation of our federal government. If it happens, from now on our lives and our businesses will lose our freedoms and we will be governed in a way that the global socialist movement only dreamed about last century.
Sleep well tonight, folks… if you can.
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