Weren't many Americans genuinely upset way back in 2011 when the previous administration's spending brought the nation close to, then over, $15 trillion in debt?
Back then the wars were said to be winding down. But Obamacare was all the rage, and we mean rage. And programs like Social Security, Medicare and Medicaid were growing, as always. But $15 trillion in debt? We can't afford that. No way. Unsustainable.
After all, when George W. Bush left office--after the shock of 9/11, a couple of wars and the beginning of the Great Recession--the total debt had just topped $10 trillion. In his first term in office, however, President Obama's administration had added another $5 trillion.
Now here we Americans are, in the first few months of a new administration, having retired Barack Obama and his people, and the debt clock says . . . .
Twenty.
Trillion.
Actually, of this writing, the national debt is "only" $19,887,630,884. But it's a-rising fast, mama. By the time you read this, Gentle Reader and Weary Taxpayer, the debt could very well exceed $20 trillion. (You can watch the climb at www.usdebtclock.org.)
And every month, it seems, the United States government puts more money on the credit card. The last story we saw said the federal government's monthly deficit for March was "sharply higher" than a year ago and through the first half of this budget year, the deficit is about 15 percent higher than the same period a year ago.
Through the first six months of this budget year, the deficit (the yearly spending above revenue) totaled almost $527 billion. So just add that to the $20 trillion credit card debt, too. See nearby graph for a very informative visual.
All of this is with a rise in income taxes that the government has taken in--albeit corporate taxes are down.
Folks, it took 220 years and 43 presidents to get to $10 trillion in debt. Eight years of Barack Obama's policies and increases in entitlements, even as we spent less on defense, and the nation might have gone over $20 trillion last night.
Again, there's a word for this: Unsustainable.
One day, the interest we American taxpayers pay on that debt will become so high that we can't afford it. Or to pay it we have to cut Social Security, Medicare, Medicaid or defense. Another option is, we suppose, default. Which would bring on an economic downturn that would make the Great Recession look like a hiccup. So it's not really an option, not for the United States and its worldwide currency.
Somebody pointed to the news the other day and said two things scared him: North Korea and the U.S. national debt.
Yes, the proper word is, for both crises: Unsustainable.
Editorial on 04/23/2017