By Duncan Smith
One way to destroy a country is to ruin its economy for a generation.
The Democrat Marxists under their puppet figure, Joe Biden, are trying to do just that.
They have used the rubric of “COVID” to push for more and more spending over the past year. And they’re still done.
It’s still not ‘enough.’
Now they are pushing for a new massive “infrastructure” bill that spends very little on actual infrastructure (roads, bridges, highways, airports) and a lot on left-wing social justice engineering.
For the most part, Democrats have gone along with, and continue to push for, excess spending.
But now a couple of them are starting to realize what’s happening and understand where all of this gross overspending will lead: To an economic collapse followed by a generation of poverty, loss of the dollar as the world’s reserve currency, loss of our superpower status, and absolute chaos the world over as America is forced to retreat because she is broke.
Just the News has more:
A bipartisan group of lawmakers is warning that the national debt –– now estimated to total $85,210 per person –– poses an imminent threat, especially if interest rates spike.
The U.S. government has spent around $6 trillion during the coronavirus pandemic, in addition to regular government appropriations. The $6 trillion figure does not count the $1.9 trillion American Rescue Plan that President Biden signed a few weeks ago. The deficit set a record in FY2020 at $3.13 trillion. And the national debt has hit a record $28 trillion.
Maine Independent Sen. Angus King, a member of the Senate Budget Committee who caucuses with the Democrats, said that “we’ve got a problem” as a country with the rising deficit and national debt, particularly around the interest on the debt.
“I’m concerned about it in terms of generational equity, the long-term implications for your generation and the generation that comes after,” King said during a discussion organized by the Millennial Debt Foundation. “And it bothers me from a, sort of, ethical point of view that where my generation is spending the money, spending your money.”
The Treasury Department says that just interest payments on the debt totaled $522.7 billion in FY2020 alone.
“It’s a cheap time to borrow and some people are using that as a reason to borrow. The problem that comes is our interest rates flow. The U.S. has the ultimate adjustable rate mortgage, which is the rates can change,” King said. “And if the rates go back to 4 to 5 percent, which is where they’ve been historically, we’re in a heap of fiscal trouble. The math is pretty easy. Every 1 percent is $250 billion a year of interest costs. So 4 percent is $1 trillion dollars; 5 percent is $1,250,000,000,000, which happens to be the entire current discretionary federal budget.”
Meanwhile, Minnesota Dem Rep. Dean Phillips shared King’s concerns about the billions the U.S. is spending daily just on interest payments.
“I read recently that John D. Rockefeller, in his era, could have paid off the entire United States federal debt with his wealth. Turn up the clock now to 2021, America’s wealthiest man, Jeff Bezos, with about $180 billion in net worth, he could pay six months of our debt service; think about that,” he said. “We will be in a boatload of trouble when we see interest rate spikes.”
He went on to warn that “once foreign investors decide the United States of America is no longer the safest place to deploy their capital, all bets are off, no policy, no legislation, no monetary or fiscal endeavor, will correct that.”
And that day is coming. Congress, led by Democrats (and joined by too many Republicans) cannot ever cut the budget, so it’s never going to be balanced again.
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