Democrats are known for their tax and spend policies. Since Biden was elected, his administration has been doing everything they can to make the national debt skyrocket with massive spending. Bloated pork-filled bills like Biden’s latest infrastructure bill are a perfect example of what’s wrong with the big-government style of Democrats. Biden’s Commerce Secretary even admitted today during a White House Press Conference that the so-called infrastructure bill isn’t about infrastructure. In fact, very little of the cost of the bill goes towards infrastructure with only $650B of the $2.25T going to roads and bridges.
According to the Blue State Conservative, America is heading for a collision course with mountains of debt.
FACT: The national debt is now $85,210 per person. Here’s what Rep. Mo Brooks had to say, putting that $85,210 per person number in perspective:
I want the American citizenry to ask themselves, can you write a $90,000 check right now? Okay, can you do it for your family of four? That’s $360,000. Oh, wait a second. If you happen to be doing well enough to actually earn enough money to pay income taxes, then you’ve got to pay for all those who can’t. So double it –– that $720,000 is the average debt burden of each family of four in the United States of America.”
On a similar note, according to the Peter G. Peterson Foundation:
“When you’ve got $80-some-thousand dollars per capita in federal debt, which is about 50% more than the median income in the country, there’s no way we can tax our way out of it. And there’s no way we can cut our way out of it. It’s going to have to be a combination, and that’s not a political statement,” Phillips said.
“That’s a pragmatic statement. Both parties own this. No party stands for fiscal responsibility right now, and I think part of it is we don’t have term limits. We have too many people who want to serve careers in Congress rather than show up, do the hard work, the heavy lifting, and then move on. I think until we have that change, it’s going to be hard to find the critical mass willing to make the tough decisions. That’s what we need.”
Sen. Angus King, during a recent discussion with the Millennial Debt Foundation, made these remarks about that debt burden:
“I’m concerned about it in terms of generational equity, the long-term implications for your generation, and the generation that comes after. And it bothers me from a sort of, ethical point of view that where my generation is spending the money, spending your money.”
“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 rate can change. And if the rates go back to 4 to 5%, which is where they’ve been historically, we’re in a heap of fiscal trouble. The math is pretty easy. Every 1% is $250 billion a year of interest costs. So 4% is $1 trillion dollars; 5% is $1,250,000,000,000, which happens to be the entire current discretionary federal budget.”