What do you do if you have a mountain of debt you can’t pay? Go deeper into debt! From Michael Snyder at endoftheamericandream.com:
Very few people are talking about it, and even fewer are bothering to object, but by borrowing and spending so much money our politicians are essentially feeding America’s financial future into a wood chipper. It took from the founding of our country all the way to 1981 before the U.S. national debt reached one trillion dollars. Incredibly, we just added more than a trillion dollars to our national debt in less than a month. On April 5th, we were 23.9 trillion dollars in debt, and by May 4th we were 25 trillion dollars in debt. Fear of the coronavirus has caused nearly all of our politicians to suddenly become socialists, and we are being told that trillions more in spending may be coming. This is complete and utter lunacy, and we are leaving future generations of Americans with a mountain of debt that would absolutely crush them. But of course our society may not even last too much longer at the rate we are going. For years I have been loudly warning that our absurd national debt is an existential threat to America’s future, but at this point both major political parties have completely abandoned any sense of fiscal responsibility. Now our national debt is rapidly speeding toward the 26 trillion dollar mark, and the House of Representatives just passed a bill that would borrow and spend an additional 3 trillion dollars that we do not currently have…
Last week, House Democrats unveiled their latest pandemic-relief package. The bill combines aid for families, a bailout for struggling cities and states, and additional funds for testing, tracing, and hospitals. The price tag is about $3 trillion—and it comes just weeks after the president signed an economic-relief package worth about $2 trillion.
Since we are destroying the nation anyway, why don’t we make the grand total a nice round 10 trillion dollars like the progressives at the Atlantic are suggesting?
After all, we added close to 10 trillion dollars to the national debt during the Obama years and hardly anyone seemed to mind.
Of course Trump is trying to outdo Obama. We have already added more than 5 trillion dollars to the national debt while he has been in office, and it looks like more “coronavirus relief bills” could be on the way.
Yes, borrowing and spending money that we do not have gives us an economic boost in the present.