There was a time, not so long ago, when politicians and the general public were very worried about the soaring national debt.
Now it’s 2019 and the United States national debt is $22.03 trillion. Oddly, Americans are not hearing much about this astronomical burden.
The debt per citizen is $67,149 and the debt per taxpayer is $180,171.
Why is this a time of silence among our elected, highly opinionated representatives, governmental bureaucrats and the U.S. citizenry?
The statistics are staggering. Debt as a percent of Gross Domestic Product is 105.3%. Interest on the debt in 2018 was $523 billion. Federal government budget deficit in 2018 was $779 billion.
According to Fox News, when asked about the deficit, Republicans don’t appear to be as enthusiastic about spending cuts as they once were.
During a panel discussion hosted by the Peter G. Peterson Foundation, White House Chief of Staff Mick Mulvaney, who developed a reputation as a budget hawk while a GOP congressman, stated flatly, “We are not going to cut our way to balance,” citing the divided political environment.
“Show me the majority in the House to vote to cut spending,” he said. “Show me the 60-vote majority in the Senate to cut spending. That’s not going to happen.”
Instead, Mulvaney expressed hope they can make a dent in the deficit through economic growth and reducing the rate of spending, saying the administration wants “to grow our revenues faster than our expenses.”
The Congressional Budget Office reported that the unprecedented high-altitude debt will hit 144% of GDP by 2049.
The government would spend more on interest payments than the entire discretionary budget, which includes defense and all domestic programs, by 2046.
Congress and the White House are facing several looming battles related to the budget in the coming months: They must come to an agreement over a spending bill by Oct. 1 to avoid a government shutdown. There’s also the threat of default if Congress doesn’t raise the country’s debt ceiling this fall.
The White House and Congress are in the process of negotiating a spending deal that would wipe out the legal 2020 cap, which would institute a 10% spending cut. That cap was put in place a decade ago to force Democrats and Republicans to compromise over spending.
These over-drafting procedures would be devastating in any household, but the problem has scaled unimaginable heights for the entire United States of America.
Just printing more money is not a solution.