Here is the federal debt clock. Twenty-two trillion-plus and rising is the current federal debt. Government spending is in the news again because of a recent agreement reached by President Donald Trump and congressional leaders in Washington. The agreement or plan? Just spend more and more to the tune of $322 billion over the next two years on top of trillion-dollar deficits. We already spend over $4.7 trillion. A slate of fiscal conservatives, the ones that still exist, are calling it the worst budget deal in history for a host of reasons.
This from Justin Bogie of the Heritage Foundation:
Higher spending levels over the next two years will almost certainly lead to higher spending in subsequent years. It also doesn’t take into account the higher debt and, in turn, higher interest payments on that debt that will result.
The Committee for a Responsible Federal Budget estimates that the real cost of raising the discretionary spending caps could be $1.7 trillion over 10 years.
Bogie’s entire writeup is worth reading and there are a lot of depressing facts to digest.
The agreement avoids a shutdown or potential default and adds trillions more to the federal debt. It raises the debt ceiling for two years with no plan for any sensible future spending constraints going forward.
The most depressing part of all of this is that federal lawmakers have known for decades upon decades on the action that needs to be taken to curtail spending, yet things only get worse. A monumental failure by Washington’s leaders, the political parties, and yes, the constituents that keep sending them to Washington. (Note: NC Congressman Rep. Ted Budd has been extremely critical of the plan on social media). Trump campaigned on paying off the entire federal debt in eight years, assuming he is reelected. “Based on the estimate of his own administration, his deficits would increase the U.S. debt to $29 trillion,” notes Joe Carter of the Acton Institute.
Spending increases today are future tax increases. It not only threatens the economy but has the potential to wipe out the savings and retirement of Americans through inflationary policies to pay for it all. The middle class and future generations will suffer the most.
And finally, this from one of the few sane voices on spending in Washington:
What a disaster. The irresponsible spending binge is the best example to curtail the centralized power and authority of Washington. The lack of moral courage is astounding, and yet, not enough American voters care, and nothing changes.