Last month’s surplus was that rare piece of good news you almost never get when it comes to the federal budget. But sadly, a $308 billion surplus will barely make a dent in our $24 trillion national debt. And it won’t prevent us from running massive annual deficits as far as the eye can see.
Over the first seven months of this fiscal year, we’ve borrowed a staggering $1.6 billion per day. Meanwhile, our debt remains near record highs, inflation is the worst it’s been in 40 years, and lawmakers haven’t even started to discuss putting forward a budget.Committee For a Responsible Federal Budget
We are running this country like the family that maintains its impressive lifestyle with a dozen different credit cards all with large balances.
I don’t think anyone in DC thinks about the debt or current spending that adds to it.
We’ll see how it all plays out eventually. There will be excuses and finger pointing aplenty when it does crumble.