Government debt and national bankruptcy are tyrannical. From John W. Whitehead and Nisha Whitehead at rutherford.org:
“We are now speeding down the road of wasteful spending and debt, and unless we can escape we will be smashed in inflation.”—Herbert Hoover
This is financial tyranny.
The U.S. government—and that includes the current administration—is spending money it doesn’t have on programs it can’t afford, and “we the taxpayers” are the ones who must foot the bill for the government’s fiscal insanity.
We’ve been sold a bill of goods by politicians promising to pay down the national debt, jumpstart the economy, rebuild our infrastructure, secure our borders, ensure our security, and make us all healthy, wealthy and happy.
None of that has come to pass, and yet we’re still being loaded down with debt not of our own making.
Let’s talk numbers, shall we?
The national debt (the amount the federal government has borrowed over the years and must pay back) is $30 trillion and growing. That translates to roughly $242,000 per taxpayer.
Now the Biden administration is proposing a $5.8 trillion spending budget that notably includes $813 billion for national defense, $30 billion to “fund the police,” and a plan to reduce the national deficit by roughly $1 trillion over 10 years through additional tax hikes.
It’s estimated that the amount this country owes is now 130% greater than its gross domestic product (all the products and services produced in one year by labor and property supplied by the citizens).
The U.S. ranks as the 12th most indebted nation in the world, with much of that debt owed to the Federal Reserve, large investment funds and foreign governments, namely, Japan and China.
Essentially, the U.S. government is funding its very existence with a credit card.