The United States Treasury Department released a statement about the national debt and it’s super painful. If you don’t look at this astronomically high number and feel like puking, you might not be grasping the full impact of what our debt means for the future.
According to the report, the national debt is now $22 trillion and growing. Yes, growing.
The official debt number clocked in at a whopping $22.012 trillion, according to USA Today, and is rising at a steady clip, following a spike in new spending in a short-term 2019 budget, parts of which were passed in December. Another spike is likely this week, as Congress readies a second “budget compromise” that will provide more permanent funding to Federal agencies (including around $1.5 billion for a border wall).
“The nation,” USA Today says, “has added more than $1 trillion in debt in the last 11 months alone.”
Much of that comes from a dramatic increase in domestic and military spending — a problem shared by both parties. The fruits of a $1.5 billion Republican tax cut, passed in late 2017 also have yet to materialize, pushing the number slightly higher.
Financial experts warn that, while the debt isn’t technically a problem right now, such a high national debt could have a domino effect on interest rates across the board. And as the debt-to-gross domestic product ratio grows, the ability for the United States government to eventually pay back that debt decreases substantially.
Although President Donald Trump has earned some of the blame for the sudden spike in debt, CNBC reports, former President Barack Obama has so far had the greatest impact on U.S. debt, having “racked up nearly as much debt in eight years than in the entire 232-year history of the country before he took office.”
“He entered with $10.6 trillion in total debt and left with the country owing $19.9 trillion. That’s an average tab of $1.16 trillion a year,” the financial website continued. “Under President Donald Trump, the debt also has climbed. The $2.06 trillion increase works out to about $991 billion a year, or slightly less than the pace Obama had set.”
Congress has played a pretty significant role in this massive increase in spending too. In 2018, Congress approved a large $1.3 trillion budget that increased spending all across the board in every sector of the government. We’re talking increases in spending for things like Asian carp abatement, nuclear waste management, and all kinds of things.
This is the exact opposite of what we should be doing as a country. We need to be cutting spending. Less entitlement programs, lower salaries for Congress, no more wasted cash on stupid, pointless studies, ect.
Let’s hope we get a hold on this before it destroys our liberty.
Source: Daily Wire