Staff Reports
The United States is drowning in a staggering $35 trillion debt, with every American on the hook for a hefty $100,000. The Biden administration, not one to be deterred by financial realities, is eager to keep splurging. With a deficit that balloons by a trillion dollars every 100 days, it’s clear that fiscal responsibility is a concept lost on those in charge.
Let’s not forget Trump’s contribution to this debt disaster, as his administration piled on nearly $8 trillion, setting the stage for a financial reckoning that will surely hit hard. The alarming fact that Americans must now fork over a mind-boggling $1 trillion annually to service the interest on this mountain of debt is a bitter pill to swallow.
America is now almost $35 trillion in debt.
That means every American owes $100,000.
The Biden administration doesn’t care.
They want to spend more.https://t.co/YRJSTZFgxD
— John Stossel (@JohnStossel) June 19, 2024
Imagine the possibilities if we weren’t hemorrhaging money on interest payments. We could enjoy a $3,000 tax cut per person each year, injecting a much-needed boost into the economy. But alas, the spendthrift ways of Washington show no signs of abating, pushing the nation towards an unsustainable future where the rubber band can only stretch so far before snapping.
The refusal of politicians to address this fiscal catastrophe is both baffling and infuriating. Despite lip service from past leaders like Clinton, Obama, and even Trump, the debt continues to skyrocket with no end in sight. Biden’s delusional claims of reducing the federal debt are as absurd as they are detached from reality, showcasing a dangerous level of ignorance in economic matters.
The notion of “Modern Monetary Theory” gaining traction among policymakers is nothing short of a farce. The idea that the U.S. can print money endlessly without consequence flies in the face of history, with numerous examples of hyperinflation leading to economic ruin in other countries. The calls to tax the rich as a panacea for our fiscal woes are equally misguided, as even confiscating all billionaire wealth wouldn’t put a dent in our debt.
One simple truth lies at the heart of this financial calamity: excessive government spending. While not easy, the solution is clear—rein in spending growth to match economic expansion and slowly work our way out of this mess. However, with politicians showing a stunning lack of courage and responsibility, it seems America’s debt crisis will only worsen before it gets better.
John Stossel’s decades-long crusade against fiscal irresponsibility is a stark reminder of the urgent need for serious action to address the nation’s ballooning debt. In a political landscape rife with cowardice and denial, it’s up to the American people to demand accountability and sound financial stewardship from those elected to serve the country.
