- The US national debt is over $31 trillion – in 2000 the national debt was $5.6 trillion -adjusted for inflation only it would be $9.2 trillion in 2022
- The annual spending deficit is over $1 trillion
- The two largest budget items are Social Security and Medicare which combined are $2.6 trillion per year
- The US spends nearly $500 billion a year on interest payments
- $7.5 trillion of our national debt is held by foreign governments.
- Combined Social Security and Medicare have about $57 trillion in unfunded liabilities – the future cost of promised benefits to Americans for which there is no current funding
None of the above amounts include the debt, spending or liabilities of the 50 states.
How much more in unfunded spending can the US afford? How much risk can it take funding its government by borrowing from other countries – some adversaries? How much do we want to spend on just interest payments, especially with rising rates?
Even given all the above, many Americans still want more from their government, many say we have the money to provide free health care coverage. With the slightest hint of managing spending, there it outrage at cutting benefits – we paid for, we earned are entitled to – NOPE‼️
Many empires have falling due to debt. Are we witnessing history in the making? Demonizing one group after another. Government trying to control every part of your life and restrict your movements. Censorship is everywhere and indoctrination in schools. Another energy crisis, it was the tipping point for Japan as one of the causes of WWII. I believe we are reliving the early 1900’s in the modern age.
It is just not the United States that is in this jam either. Other counties from Europe to Southern Asia are at each others throats too.
Here at home as soon as the tax man comes, we will be at the tipping point too. Biden is hiring 87,000 new IRS agents. Think about that.
Am I paranoid or did I learn some history and I just can’t believe that people all think this is ok? At some point, money will really matter. It always has through history. Most crimes are about money. Most world empires are about gaining wealth. Instead we are going into debt with other countries and they will have the power over us. Just like the our government hands out money to control our poor.
Absolutely right & no one in politics cares one whit.