Unfortunately, each of us has been reminded over the last three years of ways in which poor U.S. government policies can negatively impact our pocketbooks.
When we think about what we pay for the things that we need to live—from food to clothing, gasoline to electricity, and just about everything else—we realize that we are paying a lot more for those things today than we were paying just three or four years ago.
This from redstate.com.
Although most of us are not economists, we do keep up with current events enough to know that these price increases are a result of inflation. We also understand that this record inflation was brought about by misguided government policies, to state it charitably. When times are good, we tend to forget just how much government policies can impact our lives, either positively or negatively. However, when we live through a situation like this current period of high inflation, we receive painful reminders.
As agonizing as our current inflation-driven crisis may be, there is another far worse situation on the horizon. If not confronted, this will make our present hardships seem as if we are currently living on Easy Street. Like inflation, this is something that is government-driven. Where this differs, though, is that we will not be able to trace its roots to a single president and/or political party. It is a problem that has been building for many years in times when both Leftists were in charge of D.C., and when Republicans have been in charge as well.
What is this potential problem that is silently growing and threatening to overwhelm us?
It is our national debt. It is similar to a silent cancer that is eating away at our country.
Comparing our debt to this horrible disease is fitting because both are insidious and very deadly if not properly addressed with all the tools available—including the grace of God.
Our national debt has been a “silently growing disease,” reaching over $32 trillion without any signs that anything was wrong—until recently. However, just as people with a disease eventually tend to recognize warning signs, we now have glaring evidence that something is terribly wrong with our debt.
To illustrate this point, let’s take a look at how the debt is directly impacting each of us:
In early September, the Congressional Budget Office (CBO) posted their latest projections of U.S. deficits for the next several years. One figure that stands out in their 2024 numbers is the projection that the interest we pay on the debt next year will be $993 billion. Much of his money will go to foreign countries that hold a significant amount of our debt. Next consider how much money this will cost each U.S. taxpayer next year.
From a Pew Research study released in April 2023:
– [W]e see that 168 million tax returns were expected to be filed during the year, and that about two-thirds of those returns (or roughly 112 million) would show some taxable income. Since the 112 million figure seemed to represent taxpayers from the Pew perspective, this will lead us further.
– [I]f we take $993 billion and divide that by 112 million taxpayers, we see the average taxpayer’s share of the interest on the debt for next year will be $8,866. Let that sink in for a minute.
– [T]he government is going to spend $8,866 per taxpayer next year for interest alone. Not only will none of this money help pay down the debt, CBO estimates the government will add another $1.6 trillion of debt on top of that. This means that the amount of interest per taxpayer will likely grow the following year and each year into the future, perhaps significantly, unless we stop running up debt.
Although we are using an average number that, by definition, will apply differently to each taxpayer, We the People get the point. Imagine if we had no federal debt, then we and our families could potentially keep almost $8,900 in our family pocket next year because there would be no interest to pay. Even if it was less, say $4,000 or $2,000, wouldn’t that make a difference in each of our lives?
It is not uncommon for government accounting organizations, such as CBO, to state that our current budget trajectory is ‘unsustainable.’ Even our government admits that we are literally living on borrowed money and borrowed time unless we get serious and force our politicians to limit spending.
Final thoughts: The growing national debt is yet another tool of the communist/globalist cabal to bring America to her knees. Removal of the Left from power and the cessation of sending money to the overseas laundering pits are musts.
God speed to Conservatism and to the Take Back of our Constitutional Republic.
