You know the phrase "don't spend it all at once"? This is a concept five-year-olds understand after their first $5 gift from Aunt Betty. Unfortunately, the federal government doesn't quite get it.
$57 billion ... on a Friday.
To put this in perspective, the Congressional Budget Office claims that Biden's Inflation Reduction Act will result in a net decrease in the deficit of $58.1 billion between 2022 and 2031.
Yes, the federal government borrowed ten years worth of imaginary savings. In one day.
The national debt has become the elephant that ate the elephant in the room. According to the most terrifying website in human history, usdebtclock.org, at the time of writing, the U.S. national debt is now $34.794 trillion and counting. The largest budget items are Medicare/Medicaid ($1.774 trillion), Social Security ($1.439 trillion) and defense ($895 billion). Meanwhile, interest on the debt is $860 billion.
Oh, and we're now adding $1 trillion to the debt every 90 days ... which is just the beginning.
In 1960, the federal debt to GDP ration was 52.81%. In 1980, it was 34.59%. In 2000, it was 57.63%. Today? It's 122.28%. In basic terms, the United States is producing less than it owes.
What could possibly go wrong?
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