It seems every day that the US National Debt gets larger and larger—and it does. With government programs and bureaucracy, the US Government keeps spending more and more. Biden’s Build Back Better Plan has an estimated permanent cost of $5 Trillion. Bernie Sanders advocates for “universal healthcare” and “canceling student debt” which would have an additional estimated cost of $40 Trillion. AOC’s Green New Deal would have an estimated cost between $51 Trillion and $93 Trillion. Clearly, the left could care less for the reckless spending they pursue, and it shows.
According to the US National Debt Clock, the US National Debt has reached $30 Trillion. That is roughly $90,000 per citizen and $239,808 per taxpayer. This comes as inflation and supply-chain issues continue to cripple the nation—inflation currently stands at around 7%.
Elected officials across the country have voiced their concern and indifference to the debt. Mike Lee, a US Senator from Utah, Tweeted, “if you wanted to count to 30 trillion, you would have had to have started almost a million years ago.” White House Press Secretary Jen Psaki stated that “it is important to note that more than 95% of the national debt was incurred before [President Biden] took office.” Luke Mixon, a democratic challenger to Republican Louisiana Senator John N Kennedy, stated that “Kennedy’s been in the Senate longer than President Biden’s been in the White House. Senator Kennedy also voted for tax cuts for corporations that added trillions to the national debt.” In fact, many of the comments under Senator Lee’s tweet were asinine remarks of how President Trump’s tax cuts added “trillions to the debt, “and it highlights a fundamental misunderstanding of both the debt and economics.
Many on the left may argue that we should tax the “top 1 percent.” However, if we taxed the income of the top 1% at a 100% rate, we would not raise enough money to balance the budget—let alone pay for the additional programs our elected officials advocate for. The United States has a spending problem, not a taxing problem. Also, many on the left may argue that we can simply decrease the military budget to help with our debt situation. However, we spend less than one trillion dollars on defense spending. In fact, the bulk of our national debt is from Social Security, Medicare, and Medicaid. The left’s attempt to decrease defense spending is also futile in the sense that they would only drastically increase spending, far beyond the current level used for defense, on other governmental programs, regulations, and bureaucracy.
Thomas Sowell once said that “No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems—of which getting elected and re-elected are number and number two. Whatever is number three is far behind.” That is where we are at in this country. Many of our elected officials believe that we can tax and spend our way to prosperity, however, that is only leading us down a path of ruin.