THE NATIONAL DEBT
If you want a real shock or unbelievable reckoning, go to www.usdebtclock.org and watch money flowing out of the U.S. bank account. What a monster! How do you ever stop this? It is like locusts ravaging your crops or online thieves ripping off your assets. You just want to scream STOP!!!!
As of 7 pm on Jan 28th our debt was $38,666,973,XXX,XXX. I had to put X’s in because numbers were flying by so fast that I couldn’t keep up. This amounts to $112,741 per citizen but, of course, only taxpayers carry the burden of $355,810 to pay our debt. Who put us in the debt of which we can’t get out? Our Congress! Then, since “they” couldn’t figure out a way to pay all that was spent, they borrowed the money from other countries and banks. They got such good deals that we pay $2.6 billion every day on interest!!
Who are these people who lend us money and get rich off the interest? Foreign Investors: Japan, China and the United Kingdom are the largest benefactors. Then we have the Domestic Investors: American citizens, pension funds, insurance companies, mutual funds, and banks are major holders of U.S. debt. The largest public pensions that have loaned money to the U.S. are California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS), and New York State Common Retirement Fund.
Then, as crazy as it sounds, the U.S. Government makes money off of loaning money to itself. It uses money from our Social Security and Military Pension funds to pay its own debts and receives money back in interest. I am sure this is not the only scheme that is going on but no time to dig further. We are in a mess.
Our founding fathers believed that to carry debt over to the next generation was theft! The only time in U.S. history when we were debt-free was 1835. We’ve had some surpluses during President Truman’s and Pres. Eisenhower’ administrations but the last time we had a balanced budget or surplus was during Pres. Clinton’s administration. Since then, our Congress forgot their responsibilities of balancing the budget. DEBT, DEBT, DEBT!
Federal debt is on an unsustainable path due to what we call common sense, don’t spend more than you make or what professionals call spending and revenues. There are other factors that should have been considered:
1. Aging population: aging of America’s population, as the number of people 65 or older will increase much faster than the working-age population, leading to increases in spending on programs for retirees.
2. Rising healthcare costs: The rising cost of healthcare in the United States is a key driver of the national debt. CBO’s projections anticipate that the federal government’s spending on major healthcare programs, such as Medicare and Medicaid, will climb from 5.8 percent of GDP in 2025 to 8.1 percent in 2055. Additionally, the Centers for Medicare & Medicaid Services note that total healthcare spending from all sources will grow to reach one-fifth of the entire economy.
On a per capita basis, the U.S. healthcare system is the most expensive among other wealthy countries. Yet, America’s health outcomes are generally no better than those of our peers, and in some cases, are worse, including in areas like life expectancy, infant mortality, asthma, and diabetes.
3. Rising Interest Costs: One of the most damaging effects of rising debt is the rapidly growing interest costs. As the national debt grows and interest rates rise, the United States will spend more of its budget on the cost of servicing that debt. Interest costs are the fastest-growing "program" of the federal budget and will total $13.8 trillion in the next 10 years alone, according to CBO.
4. Insufficient Revenues: It would be one thing if the tax code were designed to fund all the promises made, but it is not. The U.S. tax system does not generate nearly enough revenue to cover federal spending.
Furthermore, our tax code is also overly complex, confusing, inefficient, and unfair. For example, it remains riddled with tax expenditures, or “tax breaks,” that provide financial benefits to specific activities, entities, and groups of people. Those tax breaks, which totaled nearly $1.9 trillion in 2024, increase annual deficits and can create market distortions that damage economic growth and productivity.
“We have a problem,” and it’s not in Houston. It’s with our Congress. We need answers. We need solutions. We need to contact congressmen. We need to vote for congresspeople who will stop spending. We need more of DOGE and perhaps more of Musk (if the idiots on the left will stop burning his cars). The Democrats were the ones throwing a fit over cutting budget expenses. We need to get them out. Minnesota is not the only place where governmental fraud is taking place.
Interested in taking a test of your knowledge about U.S. Tax System? Go here: https://www.pgpf.org/article/how-much-do-you-know-about-the-u-s-tax-system/
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if my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven, and I will forgive their sin and will heal their land.
2 Chronicles 7:14 NIV