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Spendaholic Politicians Are Destroying Your Economic Future!

Betsy McCaughey on

Most people don't lie awake at night worried about the national debt. Unfortunately, that includes President Joe Biden and the spendaholic Democrats in Congress.

They should be worried. Frankly, so should you, no matter what your politics. Economics is a science, and numerous studies by world-class economists confirm that when a nation's debt gets too high, it pushes the economy into decline. Inflation soars, jobs become scarcer and mortgage rates to buy a home are unaffordable. Ouch.

The U.S. is heading off that cliff. The national debt is at the highest level since WWII, and is forecast to break that record soon. In 2022, it hit 98% of GDP -- everything we all produce going to work every day -- and is growing rapidly. The U.S. is in the company of nations such as Mozambique, Bhutan, Angola, Portugal and Greece. We don't want our kids to live in a crumbling economy.

It wasn't always like this. Over the last 50 years, debt to GDP has averaged 46%.

Republicans, who recently won control of the House of Representatives, are withholding the House's approval to raise the debt ceiling -- the amount the nation is legally permitted to borrow -- until Democrats negotiate a plan to reduce spending and pull the nation back from its dire straits.

Biden, visiting Al Sharpton's National Action Network on Jan. 16, called the House Republicans "fiscally demented." It takes nerve for Biden to call anybody "demented."

 

Never mind. The Republicans are making a reasonable demand. If Washington's leaders won't rein in government spending, who will?

New York Times columnist Paul Krugman calls the House Republicans' quid pro quo economic terrorism. Nonsense. The real domestic terrorism is Congress' continued spending on borrowed money.

It can only go on so long. Ordinary people who live on credit cards and pay only the monthly minimum can tell you that. Eventually, credit card payments don't pay for any new goods or services, just interest.

That's what our nation faces if it doesn't change course now. Interest expenses will mount, rates will go up and an increasing proportion of tax revenues will be consumed paying interest. The Congressional Budget Office predicts that over the next 10 years, interest expense will triple. In a decade, interest outlays will exceed defense spending. Yikes.

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