By Ray Cardello for January 29, 2024, Season 24 / Post 26

The Debt Clock does not have much impact on Americans and appears to not have much effect on politicians. The digits keep spinning, the numbers keep climbing, and there seems to be no number large enough to garner concern. At the turn of the century, just 24 years ago, the National Debt stood at $5 Trillion, and we wondered what we were doing to our future generations. We were strapping them with a debt they would never be able to repay. After 9/11 and the pandemic, the debt exploded to $34 trillion, and nobody has a plan to stop the spinning wheel or pay down the money owed. It is irresponsible, and the guilt falls on both Parties.

To put this number into perspective, the debt equals $103,000 for every man, woman, and child in our country. Biden wants to forgive Student Loans; maybe he should forgive our share of the National Debt. Biden often claims that he has reduced our debt when, in fact, his administration has added $9 Trillion in three years. Over $900 billion a year in interest, yet nobody seems concerned. Forget irresponsible. It is criminal. America and Americans do not seem phased, but the rest of the world is, and they are taking steps to protect themselves.

The dollar has been the gold standard for international trading for decades. For example, petroleum has been valued in dollars per barrel, but that is changing. The Russians, Arabs, Chinese, India, and even Brazil are joining forces to create an international currency to replace the dollar. This will render the dollar worthless. This action by our allies and adversaries alike indicates a loss in credibility of the American monetary system and a conception that the United States may not be capable of paying its bills. This negativity is virgin territory for America and should concern us all.

BRICS is putting pressure on the U.S. monetary system, but what is more of a concern for anyone paying attention is the lack of urgency on behalf of Washington to change its habits. Every time we get to a debt ceiling decision, the minority Party folds, and a continuing resolution is voted on, which kicks the can down the road for later action, or the Parties reach a compromise and raise the debt ceiling. Nobody and neither Party has the guts to hold their position, let the government shut down, and negotiate a serious bill that will fund the government, not the pork, and hold the debt ceiling where it stands.

Just like we do with our household budget, we have to trim expenses. We need to get realistic about what we have coming in and not outspend it. The pork has to stop, and when your reps brag about funds they are bringing back to the state, you have to ask at what cost. It is not their money they are generously giving us; it is our money, and we need people in office who will be better stewards of our money. Foreign governments know we are not being wise with our tax dollars, so it is time to insist our reps get the message.