Think twice before supporting ANY politician proposing to spend on new programs

We need to get our fiscal house in order, and make Social Security and Medicare solvent and sustainable before spending on new programs and creating more liabilities OR substantially raise taxes on all taxpayers.

The Treasury Department released its latest Monthly Treasury Statement today, showing that the United States borrowed $378 billion in the month of March and $1.1 trillion in the first half of fiscal year 2023.

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:

It’s confirmed: the Treasury Department’s latest numbers show that we’ve borrowed more than a trillion dollars so far this fiscal year and we’re only halfway through. But despite the need for a comprehensive plan to address our runaway borrowing, in Washington, all we’re hearing from our elected officials is crickets.

Let’s look at the facts: we’re nearly at the point where our debt will be larger the economy itself and on track to exceed its highest level ever as a share of the economy — truly unprecedented territory — in five years. And it’s getting more and more expensive to service that debt — interest on the debt is on track to exceed $10 trillion over the next decade. We’ll spend more on interest over the decade than we will on defense or Medicaid. That’s truly astounding, especially against a backdrop of policymakers who continue to demagogue on the important challenges we face funding Social Security and Medicare.

We need a plan to cut back on borrowing and put the country’s finances on a path towards sustainability. Otherwise, our habit of ignoring these issues and perpetually relying on the decisions of tomorrow will leave the next generation with colossal burdens to overcome


  1. I cannot believe that our politicians have created this debt bomb problem, by failing to tax the Corporations, and Citizens enough to cover government spending. You would think that in a 25.5 Trillion dollar economy it would be easy to do. But, when the politicians are too lazy to prioritize what we spend money on, and continue to use debt to fund every crazy thing that comes down the pike, it is no wonder things are so screwed up.

    We as a nation have had it to good for to long by not funding our government correctly.
    I suspect that nothing will be done in the short term and they may just continue to kick the can down the road until the world economy goes into a depression.


  2. Desperate times, desperate measures.

    Though overall creating a 10 percent surcharge, as Johnson stated just before signing the bill, “A family of four earning less than $5,000 ($38,962 in 2021 dollars) would pay nothing additional. A family making $10,000 ($77,923 in 2021 dollars) would pay just $2 ($16 in 2021 dollars) extra per week”.[1] It took into effect for corporations on January 1, 1968, and for individuals on April 1, 1968, being effective until July 1, 1969.[2]

    As a result of the tax, the Federal Government had a budget surplus in 1969 which would be the last until 1998


    1. Would I today?


      I only vaguely remember this tax surcharge.

      In 68-69 I made less than $400 A month and was tax exempt because I was active duty in a war zone.


  3. The frog is already cooked in the boiling hot water. The water will just continue to boil and continue to scald the poor frog to a crisp until the water completely evaporates. Then whatever remain of the frog will be very very ugly to handle!


  4. I guess that Modern Monetary Theory flaws are about to be highlight soon. We have the inflation and soon we will have the taxes to match.


    1. Actually, Japan holds more US debt and China is second with the UK third. A lot of the debt is intergovernmental, the Social Security trust fund, the opm retirement fund, military retirement fund and so on. The biggest portion of the debt is public holders of treasuries, TIPS, Ibonds and the like.


  5. Please send this to Joe Biden. He wants to keep spending. Of course when the turkey soup hits the fan, he’ll be gone!


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