by Bob Carlstrom
“Kicking-the-can-down-the-road” is a chronic malfunction of the Congress when it has to deal with tough issues. One of these issues is the escalating national debt, now being further exacerbated by the current Biden-Pelosi-Schumer runaway spending spree. Yet, most economists agree the national debt is on a genuinely unsustainable path with far reaching adverse implications. Critical and enforced change in the conduct of the Congress and the Executive Branch is needed.
Read the Full Article in the Digital Edition of the AMAC Magazine
Anyone want to talk about dinosaurs and why there’s no mention of them in the bible?
“Yet most economists agree the national debt is on a genuinely unsustainable path with far reaching implications.” ??? Do these august economists actually get paid a salary for agreeing to such nonsense? A few minutes ago the national debt was $28,335,603,784,530.00. It is climbing so fast that the tracking of an additional hundred thousand dollars is an effort in futility.
Question for these “economists”: Was the recent national debt of 25 trillion dollars sustainable?
What “far reaching implications” would befall us if the national debt climbs to 56 trillion dollars? The historical average interest rate of 4% on today’s national debt would cost our society 1.1 trillion dollars, per year. Not to fear, the Treasury and the Federal Reserve have reduced that interest rate to near zero percent. Still too high at .05%? No problem, just reduce it further to .000000000001%.
Do you see what our government has done to have its cake and eat it too? If the cost of the national debt is truly minuscule, there will be no “far reaching implications” to ANY national debt. The Congress critters have found a way to spend enormous ammounts of borrowed money without reperchusions.
The impact to the American dollar? Their will be none because of two reasons. 1) The American people still give full faith and credit to the value of the dollars in their pockets. 2) Other countries are abusing their money systems even worse than we are.
Inflation? The Federal Reserve has found ways to manipulate our money system to keep the inflation rate around 2%. One of those ways is to keep the number of dollars actually circulating in our economy, under a certain thresh hold. Less dollars in people’s hands, results in less demand to purchase things. It’s like magic, and our leaders in Washington, D.C. are the magicians.
The old phrase describing wastrel hedonists was “spending money on wine, women and song” . When money can be added, …..or withdrawn from the economy, our government critters can laugh at the idea of being good stewards with our tax money. Hey, I’ve got extra money in my pocket, I might stroll to the local bistro and buy wine, consort with friendly women and sing songs.
Tip, you might want to buy stock in the companies that manufacture those wondrous machines that produce hundred dollar bills at prodigeous rates. The current printers are wearing out.
What happened that the National Debt increased 12-years straight thru both Trump & Obama terms. Didn’t this seem like a problem to Congress & POTUS? What was strategy during this period.
Earlier this morning I read this article from AMAC through my bi-monthly June issue magazine sipping on a hot cup of black coffee, ( 2 ) cups to be exact…
A most informative read & I highly recommend this article in either format, i.e. magazine or digital…
It is long, long overdue for individual states LEGISLATURES to put the ” iron to the fire ” & STOP both the House & Senate members from all this reckless spending through taxpayer DEBT by simply printing more money at reckless abandon…
I found the theory going back to the last recession of 2009 & moving forward, whereas the majority of the FREE money was put back into BANKS & other financial institutions rather than hand it out to We The People to spend it at will, thereby controlling inflationary pressures that tend to raise interest rates & therefore making it more expensive for everyone to do business…Those close to ZERO percent rates are still with us & is nothing more than illusory imo, so the printing of more money by the Treasury continues unabated & we have a faux potus talking TRILLIONS of dollars to spend like it’s candy & with ZERO consequences down the road…This MADNESS has got to stop…It is UNSUSTAINABLE & will be the death of this nation after all is said & done, monetarily speaking…
Bill on the Hill… :~)