THE EXPLODING DEBT CRISIS It is important to also note the immorality of racking up debt. Think about it this way... If the parents of five kids go on a spending spree by purchasing a mansion, the best cars, and a second house at the beach when they only earn enough to barely scrape by, then what happens when that bill comes due and the kids have to pay?
the economy. The U.S. is entering dangerous territory, and it needs to take a hard look at ways to cut spending going forward.
RED AND BLUE BOTH BLEED MONEY Neither Republicans nor Democrats are hiding the sad fact that they don’t care about government spending. Democrats have always been the party that promotes big spending ideas, like the Green New Deal, and Republicans have traditionally been the party promoting budgets that cut spending. The facade that Republicans as a party care about overspending is gone... This past year, with Republicans leading the charge, Congress spent record amounts with no effort to offset new spending. So the Republican Party has no standing to make believe they all of a sudden care about debt because of the prospect of President Joe Biden spending on things they don’t like. Simple economics tells you that government is a terrible allocator of resources. Former congressional representative and libertarian leader Ron Paul wrote in American Consequences in the October 2020 issue, “Government spending forcibly takes resources from the private sector, where they are used to produce goods and services desired by consumers, and puts them in the hands of politicians and bureaucrats.” Economics 101 teaches us that government spends inefficiently. The elites in Washington of both parties think they know better than the American people on how to spend privately earned cash.
The current generation of politicians don’t blink an eye at racking up $3 trillion in debt in one year that the next generation of politicians will have to figure out how to pay off. If you truly believe that government debt matters (and it does), America is overleveraged and way into debt with no way out. We are seeing that today... The current generation of politicians don’t blink an eye at racking up $3 trillion in debt in one year that the next generation of politicians will have to figure out how to pay off. If you truly believe that government debt matters (and it does), America is overleveraged and way into debt with no way out. Politicians used to discuss solutions for reducing or eliminating government debt. It was a conservative-virtue talking point for them. But they can’t pretend anymore... There is no conceivable way that government can continue to send taxpayers into debt at record rates without consequences to the stability of government and severe impact on
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December 2020
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